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| Tuesday, February 9, 2010 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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September 8, 2008 4:28 PM ET
Two former CFOs have become the central figures in the government-backed takeover of mortgage finance companies Fannie Mae and Freddie Mac, taking on the top jobs at the two government-sponsored entities that together may comprise the largest federal bailout ever. In a move to quiet financial market turbulence stemming from the U.S. housing crisis, Treasury Secretary Henry Paulson and Federal Housing Finance Agency director James Lockhart placed the two entities into conservatorship and appointed former Merrill Lynch CFO Herb Allison to head Fannie Mae and former U.S. Bancorp vice chairman and CFO David Moffett to oversee Freddie Mac. Fannie Mae’s CEO, Daniel Mudd, and Freddie Mac’s chief executive, Richard Syron, were both ousted but agreed to stay on for a period of time to help with the transition. Mr. Allison comes armed with well-respected executive experience, having also served as the chairman, president and CEO of pension fund TIAA-CREF. Mr. Moffett is viewed by many as a risk management guru with vast banking experience in a number of areas, including corporate accounting, real estate and tax credit investments. In a statement, Mr. Paulson said that the new CEOs, “supported by new non-executive chairmen, have taken over management of the enterprises.” As the conservator for the two behemoths, the Federal Housing Finance Agency (FHFA) is ultimately responsible for restoring them to financial health. Mr. Lockhart said the FHFA “will assume the power of the board and management,” but suggested that actions by the new CEOs would initially be limited: “The new CEOs have agreed with me that it is important to work with the current teams and employees to encourage them to stay and to continue to make important improvements to the enterprises.” Such a statement could mean that David Hisey, who was just appointed CFO at Fannie Mae on Aug. 28, will likely remain in his position, and Freddie Mac’s CFO, Anthony (“Buddy”) Piszel, who has been in his job for almost two years, may hold on to his job as well. Mr. Piszel’s fate might not be as secure, since the market has been pressuring Freddie Mac to implement a sweeping change of its management team similar to what Fannie Mae did late last month, when then-CEO Mr. Mudd replaced his CFO, chief business officer and head of risk management. What also is not yet clear is what Messrs. Hisey and Piszel will be responsible for, since both entities are now under federal conservatorship. A spokesperson for the FHFA could not confirm the identities of all members of the executive teams for both entities. However, the Wall Street Journal posted an e-mail from Mr. Syron to Freddie Mac employees on its website that names John Koskinen as the non-executive chairman appointed to work with Mr. Moffett to turn Freddie Mac around. Mr. Koskinen is a former deputy director of the Office of Management and Budget and also the former president and CEO of the Palmieri Co., a turnaround management consulting firm. More details about the executive management team are expected to be released this week.
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CRAIN'S BENEFITS OUTLOOK 2009
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