For those who know about Fannie Mae, how do you think their Corporate Culture in 2004 lead to their problems?

The following comments are made regarding what is called in the report Fannie Mae's "culture

-management's desire to portray Fannie Mae as a consistent generator of stable and growing earnings;
-a dysfunctional and ineffective process for developing accounting policies;
-an operating environment that tolerated weak or non-existent internal controls;
-key person dependencies and poor segregation of duties;
-incomplete and ineffective reviews by the Office of Auditing;
-an inordinate concentration of responsibility vested with the Chief Financial Officer; and
-an executive compensation structure that rewarded management for meeting goals tied to earnings-per-share, a metric subject to manipulation by management.”

Do you agree with this assessment? Why or why not?