In this case, it's a victim to be named later as troubled Freddie Mac (FRM), the mortgage-finance firm seized by the U.S. in 2008 due its financial problems, is in need of a new CEO. Who wants to step into this hornets' nest?
The company's main source of revenue comes from securitizing home mortgages. But given the state of the housing market, there's not a lot of new business coming its way. And Congress is holding hearings now to find out how to eliminate it along with its sister company, Fannie Mae (FNM).
The company said last week that Ed Haldeman, the current CEO, is set to leave but will stay on until a new CEO is found. Making the challenge even tougher for the new guy, four of 11 board members have either left or are on their way out.But on the upside for the new CEO, Freddie Mac's been a gold mine for previous CEOs, no matter how incompetent. Haldeman received a base salary of $900,000 last year, but also grabbed $2.3 million more in bonus pay. His predecessor, Richard Syron, who was also forced out, took home $19.8 million in pay and bonuses the year before Freddie went bust.
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