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Embattled Former Fannie CEO Takes Leave Of Absence From Fortress
When we first presented the surprising news of the SEC's stunning lawsuit against former Fannie Mae CEO Daniel Mudd, we said, "Incidentally, any and all LPs of Fortress Group may want to ask themselves what else (if anything) the current CEO of the company, who just happens to be Dan Mudd, is misrepresenting these days." Sure enough, it was only a matter of time before we got this:
- DAN MUDD TO TAKE LEAVE OF ABSENCE AS FORTRESS CEO
Luckily, he is certainly the only legacy CEO who had been (allegedly) fraudulently misrepresenting material information. Because as we all know all the other legacy CEOs got the boot in the transition from the pre-bubble to post-bubble years. Oh wait...
Full statement:
Business Wire
NEW YORK -- December 21, 2011
Fortress Investment Group today announced that Daniel Mudd is taking a leave of absence from his role as chief executive officer of the company and member of its Board of Directors. Randal A. Nardone, Fortress principal and co-founder, will serve as interim chief executive officer, effective immediately.
“I have requested a leave of absence from my position as chief executive officer to ensure that any time or attention I need to focus on matters outside of Fortress will not affect the business or operations of the company,” said Mr. Mudd.
“We are grateful to Dan for his service and leadership over the past two and a half years and support his decision to take a leave of absence at this point in time,” said Mr. Nardone. “Fortress is very well-positioned today, and across our company, we remain single-mindedly focused on managing our investment funds and capitalizing on opportunities to create value for our investors. We look forward to Dan’s return in the hope that matters are resolved favorably and expeditiously.”
Mr. Nardone is a co-founder and principal of Fortress and has been a member of the Board of Directors of Fortress Investment Group LLC since November 2006.
He has been a member of the Management Committee of Fortress since 1998. Prior to co-founding Fortress in 1998, Mr. Nardone was a managing director of UBS from May 1997 to May 1998. Before joining UBS, Mr. Nardone was a principal of BlackRock Financial Management, Inc. Prior to joining BlackRock, Mr. Nardone was a partner and a member of the executive committee at the law firm of Thacher Proffitt & Wood.
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Rats... Titanic.
Committee Chairman:
"Please state your name for the record."
Former Fannie Mae CEO:
"My name is Mudd."
Committee Chairman:
" 'My Name is Mudd ?' You mean like the tune by Primus, or are you just busting my balls, sir ?"
Former Fannie Mae CEO:
"I assure you sir, and I will unequivocally state for the record, my name is Mudd."
I guess we now know who was the least politically-connected of all the former GSE executives.
Don, too funny. That's a blast from the past.
http://youtu.be/953PkxFNiko
Why do we even dignify people with words like embattled? It suggests they are fighting the good fight against the screaming hordes of unwashed.
But what about Raines? Oh yeah, he's untouchable.
He's still waiting for Obama/Congress to muscle through "cap-and-trade" in some form so that he can monetize of his patented concept of bringing together buyers and sellers.
(notice that the original Washington Examiner story has been removed)
is raines, barneys boyfriend....and yes boyfriend based on the size of barneys tits the other day when he wore his blouse instead of his shirt and tie...
and do comments like this put me on another list or do i get a star or check mark or whatever next to my name on a master list?
You think about Barney's junk a lot.
Quick: someone get Newt Gingrich on the phone. We need to pay him $30,000/hr to tell us the historical significance of this.
But Newt WAS NOT A LOBBYIEST. He was providing strategic advice.
Given where they Fannie and Freddie landed we can assume the "strategic advice" was brilliant, if of course the goal was to for the companies to end up in conservatorship.
On second though Newt maybe the perfect POTUS if the goal is for the US to land in conservatorship.
If thats what he advised it was brilliant and worth every penny. The folks at FNM/FRE are doing just fine right now. It's the rest of us who are getting screwed.
The lobby industry ought to be pissed. 'Strategic Advisors' could put them out of business...
So....more of a 9th hole-ist?
And in other news... the candidate that warned about fannie and freddy years in advance the good doctor Ron Paul is increasing his lead in Iowa based on a poll released this morning.
http://www.kcrg.com/news/local/Vote-2012-Ron-Paul-Takes-Lead-in-KCRGGaze...
KICK ASS RP!!!!
Hare hare hare Paulie Paulie Krishna Hare Krishna Paulie Krishna Paulie Paulie Hare Hare...
Legacy CEO's got bigger bonuses in 2009&2010.
Apparently they did a "heck of a job". Or they had pictures. My guess is the latter.
Actually, it's been well known for a LONG time that CEOs always make far more if they head a failing company compared to if they run a successful company. You "need" a bunch of bonuses to "retain" talent, don't ya know. it's disgusting.
American capitalism sucks.
LOL- true, not to mention the money that Fortress paid Mudd to go away here, cause you KNOW he didn't step down without his hand out........
I hope Danny remembers to give a shout out to Barry-O as the conscience of Fannie Mae. They beez "family" after all.
http://www.youtube.com/watch?v=usvG-s_Ssb0
I'll be interested if he ends up in the Hague but 'm not holidng my breath.
I'm sure it'll be a few months and then he'll be CEO of some other financial company making $100M per year doing god's work.
newt is the just like his moniker: slimey little worm but the MSM loves him! the elite should have better taste than this bunch running for GOP right now..exscept R Paul who of course they hate and ignore.
Is Mudd the one buying oil hand-over-fist right now? </sarc>
Seems that there will be some redemption requests coming in soon, too bad unwinding will not have to take place til after the New Year.
my heart bleeds for him poor embattled guy <sarc off>
I know I am being a goon here but what are LPs in the context of the article? The usual web searches are not helping. I have always read it as "long players" but investopedia throws up limited partnerships as an investment vehicle.
Basic question I know but hopefully I will not get to much opprobrium for my British ignorance of the US financial use.
Limited Partners is always the meaning of LP...unless you're talking about music.
"LP"? I don't know that band...
Thx, my education contiues (not a investing entity i know of on this side of the pond).
what's a "long player"?
Ice-T
I thought it may be a reference to folk who only play the long side
On a lighter note check out this link:
http://en.wikipedia.org/wiki/LP_record
It never ceases to amaze me how we all use the same language in different ways.
Did an IMF or WB position just open up?!
Arrest Barny Frank and the other Democrat 'social housing' national vandals and i'll be impressed
$2 Trillion and the huge wasteland that is US property and not a single politician gets a wrist slap (let alone life in prison) for the stink of the Century
AND they get pay raises and huge bonuses while the rest of the country suffers an economic collapse.
When do they investigate and imprison Raines or is he untouchable because the potential of the race card is awaiting?
His name is Mu... Ahh, never mind.
Too bad someone won't kiss him upside the cranium with an aluminum baseball bat?
pods
Guess ZH is not populated by many Primus fans?
pods
"Luckily, he is certainly the only legacy CEO who had been (allegedly) fraudulently misrepresenting material information."
So that's like a $7.5mm fine plus a job offer from GS these days?
these fuckers are like whac-a-mole's, they keep popping up somewhere else, in the US you are either in the inner circle or you are a serf, if you are in the inner circle you get paid a bunch of money and can fuck up left and right and it simply does not matter
Legacy Douche Bag
Another group of RICO conspirators who will go without prosecution, the SEC lawsuit notwithstanding. His name, however, is Mudd.
Raines, Mudd....who's next - Swamp?