U.S. mortgage market giant Freddie Mac’s chief executive dismissed internal warnings that could have protected the company from some of the financial problems now engulfing it, the New York Times said, citing more than two dozen current and former high-ranking executives and others.
Though the current housing crisis would have undoubtedly caused problems at both companies, Freddie Mac insiders say Syron heightened those perils by ignoring repeated recommendations, the NY Times said.
In an interview with the paper, Freddie Mac’s former chief risk officer, David Andrukonis, recalled telling Syron in mid-2004 that the company was buying bad loans that would likely pose an enormous financial and reputational risk to the company and the country.
Yep, that's right, they knew that their business practices were bad 4 FUCKING YEARS AGO. Yet, they did nothing. Now, there's a $300 BILLION dollar bailout that's been passed by Congress.
And yet, no one seems to care but a select few people. Everyone wants to say "oh, well if we let them go under, it'll have drastic consequences for the economy".
Like that's an excuse of some kind.
Freddie Mac should be out of business for this kind of shenanigans. Nancy Pelosi, if you want to give voters the impression that you're "doing something" about the economy that you're so desperate to show, then how about you grow a backbone and oppose bailing out companies like this?
Fucking monkeys running Congress, I swear.
Travis
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