Suni

Total Rating:
0 / 0

1 Comment

    • Tue Jul 29th 00:59 AM | Rating: 0 0
      Commented on:
      Fannie and Freddie Are Largely Responsible for the Housing Bubble
      The cause of the housing bubble or the other failures in the past few years is basically due to manipulation, greed and incompetent people running the Fannie Mae, Freddie Mac, Enron and other BIG organization. It doesn't matter how they did it, what matters is that we are repeating the same mistake now and helping these con artists to rip us again.

      Look at the Executive Compensation Report in Monday's business section; Mr. Syron of Freddie Mac was rewarded $8.3m. in stock options award to provide "improved customer service" but in his own organization an employee will get slightly better than minimum wages for providing that type of service! In 2007 Mr. Richard F. Syron of Freddie Mac earned 14.5 million and Mr. Daniel Mudd of Fannie Mae received $14.2 m. including 2.2 million “performance bonus” for destroying these two huge GSEs. An employee of any well run company will be fired if s/he create a financial mess (cooking accounting books) but these executives first created these problems (destabilize the mortgage market by manipulation) and then they are helping or in other words showing their "leadership in subprime crisis" by playing important "role in stabilizing the mortgage market"! All they are doing is filling their pockets again.

      If they had even mediocre management skills or little street smartness they would have seen the mess they were creating. Armed with big high and mid level management staff and with millions of dollars spent on management training like “six sigma” all they learned was how to delegate duties and responsibilities to someone else with no accountability!

      God Bless Our Country!
      View article »
Loading...
Symbols:
Authors:
Quick Links:
Contribute an Article Become a Seeking Alpha Contributor

Transcripts

More Transcripts»