SHAKE UP AT FANNIE

After hours Fannie Mae announced a sweeping management shake-up. The company's chief financial officer, Stephen Swad, was replaced and the chief business officer, Peter Niculescu, will take on an expanded role.

Fannie Mae also appointed a new chief financial officer and chief risk officer, effective immediately. Daniel Mudd, the company's chief executive, will remain in place.

That’s just re-arranging the chairs on the Titanic, says Jon Najarian. I wouldn’t touch either  Fannie

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"I think it's step in the right direction," counters Graham Fischer managing director Josh Rosner on Fast Money. "But ultimately I think it will prove to be too late. The damage is done."

"And frankly if this doesn't work and the companies can't gain confidence with the Street we'll end up seeing all of management replaced," he adds.

Earlier, Merrill Lynch became the third major Wall Street bank to suggest Freddie and Fannie could weather the financial crisis in tact saying both have adequate capital to offset losses for "several quarters."

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Trader disclosure: On Aug 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (C), (JPM); Jon Najarian Owns (AAPL) And (AAPL) Calls; Jon Najarian Owns (ALF) Calls, (NTAP) Calls, (RMBS) Calls, (EWH) Calls, (UNG) Calls; Tatro Owns (C); Quint Tatro Is The Principal Of Tatro Capital; Tatro Capital Owns (FXI), (SHLD), (XHB), (XLF), (SMN); Tatro Capital Is Short (MON), (MOS), (POT), (RIMM); Terranova Owns (POT), (NOV), (SA), (GS), (KOL), (EOG), (VLO), (FCX), (RIMM), (AAPL), (X); Terranova Owns (AIG) Puts; Terranova Owns Dec. 2008 RBOB Gasoline Crack Futures

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV);

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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