Wednesday, August 27, 2008

Simply amazing..........

This huge mess started years ago. The guys at the top lied for years on their earnings statements to investors and the SEC. They made hundreds of millions in stock options.

They are finally getting around to doing something, anything, to placate someone who might be dumb enough to commit more assets to bail out these thieves.

The stench is sickening.

Aug. 27 (Bloomberg) -- Fannie Mae Chief Executive Officer Daniel Mudd replaced his top managers at the beleaguered mortgage-finance provider as the company struggles to convince investors it has enough capital to weather the housing slump.

Chief Financial Officer Stephen Swad will leave and be replaced by David Hisey, the Washington-based company said in a statement today. Chief Business Officer Robert Levin will retire and Peter Niculescu will step into the role. Chief Risk Officer Enrico Dallavecchia will also leave and his duties will be assumed by Michael Shaw.

Mudd is seeking to restore confidence to Fannie after its shares tumbled more than 85 percent this year and debt costs climbed. Concern that Fannie and the smaller Freddie Mac didn't have enough capital prompted U.S. Treasury Secretary Henry Paulson to draw up a rescue plan to inject unlimited amounts of money into the companies if needed.

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CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173