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Mix-Ansicht- Freddie Mac - Top Management gefeuert!!!!!! - CRASH_GURU, 09.06.2003, 17:18
Freddie Mac - Top Management gefeuert!!!!!!
-->Freddie Mac Fires President, Execs Resign
Mon June 9, 2003 11:02 AM ET
By Philip Klein
NEW YORK (Reuters) - Freddie Mac FRE.N, the No. 2 U.S. mortgage finance company, on Monday said it had fired its president and chief operating officer for not fully cooperating with auditors reviewing its earnings statements from 2000 through 2002.
Freddie Mac, a government-chartered private corporation, also replaced the rest of its top executives, announcing the retirement of its chairman and chief executive and the resignation of its chief financial officer.
The federal agency charged with regulating Freddie Mac, the Office of Federal Housing Enterprise Oversight, said in a letter to the company's board of directors that the management shake-up"only goes part of the way toward correcting serious problems."
OFHEA said it had deployed a special team to investigate Freddie Mac's re-audit.
Treasury prices soared after the Freddie Mac news, which raised fears about problems at government-chartered entities.
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Freddie Mac shares were indicated as low as $49 in trade before the stock market opening, down from a Friday close at $59.87. The company's bonds also fell.
Freddie Mac said the planned restatement of its earnings may be delayed until the third quarter. It previously said the restatement would be completed by the end of the second quarter.
"This is bad," said Paul Miller, an analyst at Friedman, Billings, Ramsey."We've always felt that there was more here than met the eye, and it turns out that's exactly what it is."
Freddie Mac said its president and chief operating officer, David Glenn, was fired"because of serious questions as to the timeliness and completeness of his cooperation and candor with the board's Audit Committee counsel."
It said it had informed the Office of Federal Housing Enterprise Oversight as well as the U.S. Securities and Exchange Commission and the New York Stock Exchange.
In a letter addressed to Freddie Mac's board, dated June 7 and made public on Monday, OFHEA Director Armando Falcon said:"I have become increasingly concerned about evidence that has come to light of weakness in personnel expertise in accounting areas and the disclosure of misconduct on the part of Freddie Mac employees."
The company, based in McLean, Virginia, said its board named Gregory Parseghian as president and CEO; Shaun O'Malley as non-executive chairman; Paul Peterson as COO, and Martin Baumann as CFO.
They will replace outgoing Chairman and CEO Leland Brendsel, resigned CFO Vaughn Clarke, and President and COO Glenn.
Freddie Mac bonds weakened, meaning bondholders see more risk. Its 4.5 percent notes maturing in 2013 yielded 0.335 percentage point more than 10-year U.S. Treasuries, up from a 0.265 percentage point spread on Friday, according to GovPX.
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