by Deb Cupples | From a House Oversight Committee press release:
"The Oversight and Government Reform Committee will hold a hearing on November 20, 2008, to examine the financial collapse of Fannie Mae and Freddie Mac, their takeover by the federal government, and their role in the ongoing financial crisis. In preparation for the hearing, Chairman Waxman requested documents and information from Fannie Mae and Freddie Mac."
The documents should be online in a day or two but weren't up when I checked last night. The witness list includes two ex-CEOs of Fannie Mae and two ex CEOs of Freddie Mac:
- Leland Brendsel, former CEO, Freddie Mac;
- Richard Syron, former CEO, Freddie Mac;
- Daniel Mudd, former CEO, Fannie Mae;
- Franklin Raines, former CEO, Fannie Mae.
I haven't looked into Freddie Mac's former CEOs. I did read up a bit on two of Fannie's ex-CEOs (Raines and Mudd). Mr. Mudd, for example, was paid about 38 million shareholder-dollars from 2005-07 -- while Mr. Mudd helped drive Fannie toward collapse.
In 2006, the federal government filed a lawsuit against Mr. Raines (and a couple other Fannie Mae execs), trying to get back hundreds of millions in bonuses that those executives got based on falsely inflated company earnings. The government wanted Mr. Raines to pay back $84.6 million of the $91.1 million that he had taken.
It'll be interesting to see how the CEOs answer Henry Waxman's questions at the upcoming hearing.
Other Buck Naked Politics Posts:
* AIG Spent Most of $100+ Bailout Funds, Still Might Go Bankrupt
* Greenspan Finally Admits Flaws of De-Regulation
* Lehman Execs Re-Distributed Shareholder Wealth (to Themselves)
* AIG Execs Re-Distributed Shareholder Wealth (to Themselves)
* Fannie CEO Got $38 Million, Risky Buys Weren't his Fault?
* Execs Took Millions While Driving Companies into Ditch
* AIG's $85 Billion Bailout: see What Anti-Regulation Ideology can do?
.
Comments