Freddie Mac CEO David Moffett Resigns

[Slimprofits]

Freddie Mac today announced that its chief executive officer, David Moffett, has notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance Agency to appoint a successor to Moffett.

Moffett indicated that he wants to return to a role in the financial services sector. In his letter of resignation, he said, "I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come."

John Koskinen, chairman of the board, said "We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship." Koskinen also said, "We expect to name an interim CEO before March 13 to assume David's responsibilities once he leaves." He added, "The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period."

http://www.freddiemac.com/news/archi...tt-resign.html

So is this position now a political appointee?

[petertribo]

Re: Freddie Mac CEO David Moffett Resigns

So is this position now a political appointee?

As far as FNM and FRE, I suspect that many mortgages they hold will be altered or even, heaven forbid, deep sixed by Inside Influence. These organizations are politically controlled, responsible only to politicians and will act accordingly. Many of the TARPed fall in the same category. A lot of this activity will never see the light of day. It also results in increased political power for those who control these institutions which obviously now is the Democrats.

There are many other Federal Institutions which can directly deliver benefits to the Influential. The political operatives will be mining all opportunities to increase Obama's political base and power. Too bad there is not more research in this area, particularly by so-called Economists.

[GRG55]

Re: Freddie Mac CEO David Moffett Resigns

Freddie Mac today announced that its chief executive officer, David Moffett, has notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance Agency to appoint a successor to Moffett.

Moffett indicated that he wants to return to a role in the financial services sector. In his letter of resignation, he said, "I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come."

John Koskinen, chairman of the board, said "We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship." Koskinen also said, "We expect to name an interim CEO before March 13 to assume David's responsibilities once he leaves." He added, "The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period."

http://www.freddiemac.com/news/archi...tt-resign.html

He was only in the CEO position for about 6 months. This is an indication there are serious problems in the executive team ranks. Normally a new CEO will clean house and bring his own trusted people into key positions, such as CFO. Doesn't look like he was able to accomplish that, and maybe decided to cut his losses and walk away, instead of trying to fight a deeply ingrained management culture in Freddie?

I note nothing is being said about his severance package...

So is this position now a political appointee?

Hasn't it been so for quite a long time? Wasn't Moffett's appointment an effort to change that, or at least that perception?

[Slimprofits]

Re: Freddie Mac CEO David Moffett Resigns

GRG55 thanks for the CEO insight...