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Wall Street Breakfast: Must-Know News
Posted on August 05, 2008
Freddie CEO ignored red flags. Freddie Mac (FRE) CEO Richard Syron chose to ignore internal warnings that, if heeded, could have shielded the GSE from some of its current devastation. As early as 2004, then chief risk officer David Andrukonis told Syron the bad loans the company was buying likely posed an enormous financial and reputational risk to the company and the country. Syron: If I had perfect foresight, I would never have taken this job in the first place. He also notes that shareholders and regulators often have contradictory demands. Sure, it s hard to deal with the pressure...
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