Wednesday, August 06, 2008

Asensio Says NYT Article on Freddie Mac's Richard Syron Neglects His Problematic Past

Freddie Mac (FRE) caught Asensio’s attention. Asensio has issued a press release making the point that the recent New York Times article on Richard Syron should have been more complete. To quote the press release Asensio said “The pertinent question, which the New York Times does not ask, is why Mr. Syron was even offered the job at Freddie Mac. Syron was the chairman of the American Stock Exchange ("AMEX") from 1994 to 1999. Syron bore responsibility for trading practices that resulted in a congressional investigation into the AMEX's failure to comply with securities laws, and resulted in SEC sanctions that required major changes at the AMEX.”

So maybe the wrong guy was captain of the ship. I am not sure than any one individual could have avoided the sub prime mess. Sub prime is clearly a testament to the madness of financial crowds. But maybe the right guy would have had the intestinal fortitude to steer the ship away from the storm as much as was humanly possible. One of the problems on Wall Street there clearly is a shortage of the “Right Guy”

Anyway have a read on for the complete press release, links to media articles and more background on Asensio’s role with AMEX when Richard Syron was at the helm.