Frank, Syron, and the blame game

From the Winter 2009 issue of CommonWealth magazine.
The leadership roles of two Bay Staters come under scrutiny in the wake of the mortgage crisis
(LISC President & CEO, Michael Rubinger is quoted in this article)

26 Jan 2009

Barney Frank
US Rep. Barney Frank
(Bill Greene/Boston Globe/Landov)
Richard Syron
Richard Syron, former chief executive of FreddieMac
(Brendan McDermid/Reuters/Landov)

Two Massachusetts guys, Richard Syron and Barney Frank, are among those at the center of the blame game going on in Washington concerning the root causes of the country's worst financial disaster since the Great Depression.

Syron, the former chief executive of mortgage giant Freddie Mac, lost not only his job but also his reputation as a result of the financial meltdown and the government takeover of his company. His multimillion-dollar severance package is still in limbo.

Frank, the chairman of the US House's Financial Services Committee, has emerged as a major player in the country’s recovery effort. But he has also been accused of precipitating the crisis by pushing Freddie Mac and Fannie Mae to recklessly expand the supply of affordable housing. Continued[+]...

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Article Type: News