One of the last things an executive would like to have on his or her resume these days is CEO of either Fannie Mae or Freddie Mac. In the last few weeks, a number of former executives of the companies have been indicted on fraud charges. Then came word this week that the current CEO’s are both now retiring as soon as possible. I won’t condone any of the potentially illegal activity by the former executives. The truth is, however, that these positions are just about the least desirable in the entire business world. These are multi-billion companies – even under government control- that should garner interest from the best and the brightest. The government control, the public scrutiny and the past issues make people run the other way. Until we seriously examine true reform for these companies and encourage management, the problem will never be solved.
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