In May 2004, Treasury Secretary John Snow became aware that one of his advisors had invested about $10 million of Snow's money in Fannie Mae and Freddie Mac bonds, as well as other government-sponsored housing finance companies, during a period in which Snow had been lobbying Congress to create tougher regulations for these entities. Although the Treasury Department ethics officials determined that Snow had not violated the federal conflict-of-interest rules, when the news hit the headlines,
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