Thursday, April 23, 2009
- CEO of mortgage underwriting behemoth Fannie Mae from 1999 to 2004!
- Middle name: Delano!
- Son of a Seattle janitor!
- Harvard grad and Rhodes scholar!
- First African-American Fortune 500 CEO!
- Called "the Jackie Robinson of corporate America" by the head of the National Urban League!
- Formerly an investment banker and Clinton White House budget director!
- Railed against unethical corporate behavior during the Enron scandal!
- Received $3 million in sweetheart loans from Countrywide Financial while Fannie CEO -- a clear conflict of interest, since Fannie was one the biggest buyers of Countrywide mortgages!
- Cooked the books at Fannie -- and got $90 million in compensation as a result!
- Forced out as Fannie CEO when the SEC started investigating the "accounting irregularities" that benefited him so handsomely!
- Left Fannie with a $19 million golden parachute -- proving that cheating does pay, at least occasionally!
- Paid a paltry $2 million fine for his accounting fraud!
- Insists he's innocent of any wrongdoing!
- Started Fannie's focus on buying subprime mortgages in 2004 -- supercharging the inflation of the housing bubble!
- Purchased a luxury DC condo for $4.9 million in 2008 -- a year that saw a record three million home foreclosures!
Posted by Joe Six-Pack at 12:34 AM