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