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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerYes, that's right: Daniel Mudd. The same guy who was pushed out as CEO of Fannie Mae after driving it into insolvency and a federal takeover. Mr. Mudd had been CEO since 2004 and was responsible for the company's disastrous push into higher risk mortgages, which makes him an interesting choice to run a $300 million public company (that used to be a $3 billion public company, but hey).
That makes him a very strange choice for the title of CEO at Fortress, even though he already serves on the company's board of directors (and a lot of good that's done). With the share price in the toilet and its operations in a state of flux, this seems unlikely to do much in the way of building up confidence in the company and its operations. Worse, Mr. Mudd may still be the target of SEC and Justice Department investigations into disclosures at Fannie Mae prior to its demise.
Aww. . . Well isn't that cute?
In a press release announcing the move -- issued on a Sunday, which may indicate a recognition that it will not be well-received -- Fortress explained that "Mr. Mudd is an experienced executive with leadership experience across a range of financial services businesses." Which is true, in the same way that Titanic captain Edward Smith could be said to have had experience navigating ships through storms. What's left unsaid is that Mr. Smith sank the Titanic and Mr. Mudd blew up Fannie Mae.
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