August 07, 2008

HousingPANIC Smoking Gun of the Day - Richard Syron at Freddie Mac gets exposed


Freddie Mac boss had been warned four years ago

Freddie's former chief risk officer, David Andrukonis, told the New York Times that he sent chief executive Richard Syron a memo in mid-2004 showing Freddie's underwriting standards were slipping and potential liabilities were widening.

He says he warned Syron at a meeting that the number of bad loans "would likely pose an enormous financial and reputational risk to the company and the country".

And, in case you were wondering, here's Richard Syron's compensation the past couple of years.. and meanwhile, because of Syron's greedy pursuit of personal riches, the US taxpayer is about to be on the hook for billions. Hundreds and hundreds of billions.

2007: $18.3 million
2006: $14.7 million

20 comments:

Shakster said...

Hey Kieth,Technically he is not a Banker,so it's ok.A grand job of running the place into a brick wall too,give him a raise.

Anonymous said...

Pending sales up 12%

keep renting everyone

Fasion Queen said...

In a previous thread -- > keith said...
‘FQ - that's some serious euro-hatin'... any particular reason?
(FYI I'd rather drink beers with bubbas than stuck up euros or yanks any day, but ya gotta love brie and a good cabernet, no?)’
*
Keefer, I don’t hate anyone, am just terribly disappointed with the EU, I miss humble Europe that produced quality items including food.

It is the Old Europeeon arrogance that was the driver to create a counter to the big countries by using all the individual and unique peoples into one EU, which is destroying Europe in so many ways from deteriorating the quality of their products and over regulation etc.

But above all, it’s so sad that the 1 thing Europeans still have in common is an inferiority complex that the kings and dictators leveraged thru out history to savage the world, from the ‘Church’ to the Nazis.

And the creation of the EU shows that they have not learned from the past.

Roccman said...

Newsflash!!!

TPTB ALWAYS tell the proles 1) what they are going to do and 2) what the effect will be.

Always...bar none.

Google the PNAC and "a new pearl harbor" statement.

It hath been foretold.

Enjoy the dieoff!!!!

Anonymous said...

Keith,

Put him on the Arrest list Watch. Thanks!

Anonymous said...

Europe of 2008 is no longer European. It is a quasi-Muslim continent, well on its way to a bona fide Muslim continent. Say goodbye to Mozart, Davinci and Nietzsche. Say hello to Sharia law and Mohamed.

Anonymous said...

2008: $?

shake it said...

Shakster said...
‘Hey Kieth,Technically he is not a Banker,.’

What are the criteria to be technically considered a ‘banker’?

learn from the past said...

A divided Europe is good for the world.
A united Europe is most dangerous.

I’m not really so concerned about rising China as I am about the coming European economic mega crash..

Anonymous said...

Wait a minute Keith. Isn't it the conservatives who are always telling us that government is incompetent, while the free market is so efficent. How does it feel to watch your 401K/IRA dwindle away, because of greedy incompetent CEOs. Where's the market efficency conservatives like to brag about.

Robert Robertson said...

I always thought this was odd. Connection...?

http://housingdoom.com/2007/05/02/fre-top-mgmt-turmoil/

dopes said...

Fannie and Freddie down only 90% so far. Some Crash.

DOPES!!!

Anonymous said...

This has been their plan all along...

Flushing all the bank's bad debt (sewage) through Fannie and Freddie - where it's 'treated' with taxpayer liability - and 'transfered' to the National Debt storage facility.

Anonymous said...

"...keep renting everyone..."

Only 2 things need be asked about all posts in this genre:

1) employment of poster?
2) motivation: altruism(sic) or crowing?

vanilla ice said...

Hey why does Mr. Syron care if Freddie's shares fell 9% today, approaching penny stock status? He got his 18 bazillion dollars for the last couple years.

Anonymous said...

Put him on the Arrest Watch list! No one should ever get away with putting our country at risk! This man need to go to jail!

Anonymous said...

This is SOOOOOOOOOOOOOO Criminal!!

Pure, unmitigated GREED and corruption, there is no way around it.

We want to see jail time, and we deserve to see those hideous bonuses returned!!

When will there be accountability??

Anonymous said...

There is only one point to be made. Fannie and Freddie must either be nationalized or taken private.....there is no middle ground!!!!

A twin mission is totally corrupt and impossible to achieve!!

gw said...

Two goverment backed organisations in competition on the racetrack would eventually lead to lower margins, lower standards and lots of pain.

Once their combined market share had reached >60% goverment was competing with goverment for business. Some people in Freddie were prudent enough to try to do other business. Syron put them back on the main track that lead to nowhere. So predictable.

Not sure incompetence is a reason to send someone to jail. If yes, consider putting the creators of these monsters there too.

Anonymous said...

The Arrest Watch List is the best !
Please add Freedie and Fannie. But wait they are not people ?

They pay a little fine 1 million
from the offshore bank account and plead
"no wrong doing" and give greedy CEO a pay raise say 2 percent.