Acting head of Freddie Mac commits suicide

wtop.com ^ | 4/22/09 | staff

[mojitojoe]

Let the Body Count Begin.

“1”
2- the gay boyfriend of zer0 from Trinity
3- can’t recall, who was shot a couple of days ago. It was posted here but I am drawing a total blank

[floriduh voter]

Paper or plastic? hanging or gunshot? The media’s downplaying this. RADIO WON’T.

[maggief]

One of Washington’s leading law firms, Covington & Burling LLP, has spent more than a month interviewing current and former Freddie Mac employees and executives, according to three people familiar with the matter. These people spoke on condition of anonymity because they fear reprisals if they were identified. The inquiry is led by former Justice Department prosecutor Stephen Anthony, who specializes in corporate internal investigations.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/23/national/w001028S08.DTL&feed=rss.business

//

http://www.cov.com/santhony/

Stephen P. Anthony is a trial lawyer whose practice focuses on white collar criminal defense, corporate internal investigations, and complex civil litigation. He has tried 31 cases before juries.

As a member of the firm’s white-collar defense and investigations practice, Mr. Anthony has represented corporations and individuals in government investigations of allegations such as accounting fraud, consumer fraud, foreign trade control violations, violations of laws governing the manufacture and marketing of pharmaceutical products, and violations of the Foreign Corrupt Practices Act. He advises clients on a range of issues relating to FCPA compliance. He advises companies regarding the design, implementation, and review of compliance programs and regarding the conduct of corporate internal investigations. On behalf of a variety of business entities and other institutions, he has conducted internal investigations involving a wide variety of allegations including accounting fraud, conflicts of interest, and securities violations.

Mr. Anthony has extensive experience in managing complex civil litigation involving commercial disputes, insurance coverage, and business torts. He has represented content providers and media companies in a variety of disputes.

Mr. Anthony is a vice-chair of the firm’s litigation practice. He has taught oral advocacy at the University of Virginia. He previously served for eight years as a federal prosecutor, prosecuting cases involving bribery, extortion, obstruction of justice, false statements, tax offenses, and mail/wire fraud.
Representative Matters

* Defense of Gilead Sciences, Inc. in a government investigation concerning the marketing and promotion of several prescription drugs, resulting in the declination by U.S. Department of Justice to intervene in several related qui tam cases.
* Representation of JPMorgan Chase in litigation arising from its role as indenture trustee for $2 billion in asset-backed securities issued by National Century Financial Enterprises.
* Representation of Pfizer in government investigations relating to the marketing and promotion of prescription drugs.
* Defense of the former Chief Financial Officer of a real estate investment trust in an SEC investigation of alleged accounting irregularities.
* Defense of Leiner Health Products Inc. in a criminal prosecution of alleged violations of current Good Manufacturing Practices (cGMPs) relating to the manufacture of over-the-counter drugs.
* Defended a former analyst of the Defense Intelligence Agency in an investigation of allegations of improper disclosures of classified information.

More Representative Matters

Previous Experience

* U.S. Department of Justice, Criminal Division, Public Integrity Section, Trial Attorney (1996-2000)
* District of Columbia, Assistant US Attorney (1991-1996)

Honors and Rankings

* Best Lawyers in America (for White-Collar Criminal Defense) (2008-2009)
* Euromoney, Benchmark: Expert Guide to America’s Leading Litigation Firms and Attorneys - White Collar Litigation Star, National (2009)

Memberships and Affiliations

* Assistant United States Attorneys’ Association of the District of Columbia, Board Member
* American Bar Association, Criminal Justice Section
* Edward Bennett Williams Inn of Court, Barrister

Publications and Speeches

* “Foreign Bank Nationalizations Expand the Potential for FCPA Liability,” Covington E-Alert (12/4/2008), Co-Author
* “Gifts & Hospitality: What You Can Do,” National Conference on the Foreign Corrupt Practices Act (2008)
* “Minimizing Exposure From Off-Label Promotion Claims,” National Forum on Fraud & Abuse in the Sale and Marketing of Drugs (2007)

[mojitojoe]

#57, WOW, that list is mind boggling. Anyone who believes that that many people died and it was all coincidence needs a new brain.

[CaliforniaCon]

RE: “My husband is an accountant that audits subsidized housing. He works with bankers all the time. I’m naturally frugal, but right before the market news broke, my husband paid off everything he could, and refuses to spend an extra penny right now. He just says it’s bad. He says I wouldn’t understand the accounting, but he wants to double up for awhile and eliminate all credit cards. He drained our savings and dumped it on things we owe.
He’s also on a news boycott. He won’t watch it and doesn’t want to hear about it. If it’s on a TV, he mutes it if he’s in the room. He’s completly backed off from the politicians.

During the depression, the “rich” were those who had no debt. Everyone else lost everything.”

************

Thank you for this extremely informative and candid post. I agree with your husband about not accruing any debt now. Does he think those of us with some cash sitting in bank accounts should pull it all out and hide it elsewhere, or will our cash in those accounts be safe enough and/or not ‘stolen’ by Obama and his thieves? Any tips will be greatly appreciated.

[Protect the Bill of Rights]

The actual murder was last April, but the discussion was in the past few days
Leiutenant (1st name, not rank) Quarles Harris facing charges of credit card fraud which implicated some in the State Dept.
He was murdered less than a month after his arrest.

[floriduh voter]

An asset like a house that is paid for should be in a trust. It’s not an indicator that he premeditated suicide.

[RegulatorCountry]

And old Burbank (CA) hands say the street name Buena Vista as Boo-nah Vista..

Now that's surprising, having a history of Spanish settlement and an historically large Hispanic population. Maybe it's like the British deliberately pronouncing claret as "CLAIR-ett," to spite the French, so there is precedent.

We hadn't encountered all that many native Spanish speakers until a few decades ago, so we have a little more excuse here, lol.

[penelopesire]

Thanks. So Freddie Mac had hired an insider democrat law firm(Holder’s firm) to ‘investigate’ itself and try to focus blame on republicans and Newt Gingrich..got it. This guy got in the way of their lies perhaps. Everyone with half a brain knows that the democrats are the root cause of the financial meltdown. Bush had tried to reign in FM/FM over 17 times since 2003.

I detest the democrats. They are nothing but liars and thieves!

[Landru]

Mick, Phil, see post #57: Unbeleivable.
How's *that* for power? :o)

FTL.
Thank you for keeping the "death list" updated and current.

Not only does it serve as a painful reminder, but added so many names most here --myself included-- somehow either overlooked, or, simply never heard of, before. ;^)

[Girlene]

Well, I wonder what Freddie Mac executives wanted to do and what “federal regulators” wanted to do.

From the Washington Post and reposted at Signs of the Times, Political Economy: Freddie Mac's Duel With Regulator

"Half a year after the government seized Freddie Mac, confusion about its role is stoking tensions between the company and its regulator, including a dispute this month over how much the mortgage giant should reveal to private investors about its financial troubles.

Federal officials who took over Freddie Mac stopped short of nationalizing the company, leaving it partly in private hands. This means Freddie still has to answer to investors and file financial disclosures.

But when Freddie Mac's executives concluded a few weeks ago that they had to disclose that the government's management of the McLean company was undermining its profitability and would cost it tens of billions of dollars, the firm's regulator urged it not to do so, according to several sources familiar with the matter.

Freddie Mac executives refused to bend. The clash grew so severe that they threatened to go to the Securities and Exchange Commission, which oversees corporate disclosures, to secure a ruling that the regulator's request was out of line. The company's regulator backed down, the sources said. "...............

..............."This ambiguity over Freddie's status has at times also made it difficult for the company to reduce mortgage interest rates and to hire and hold on to top executives. The requirement that Freddie pay dividends to the government also increases its debt load, reducing the chances it can ever reemerge as a profitable company.".............

.........."As Freddie Mac executives were preparing their annual 10-K financial disclosure this month, they reported that carrying out the Obama administration's housing plan would cost $30 billion this year. That sum would have to be covered by the Treasury Department.".................

.............."People familiar with the dispute offered different views about why the regulator sought to prevent the disclosures. One source said the regulatory officials didn't want to make it seem like government actions were causing big losses at the company and would require more taxpayer dollars."................

........."The main way that the government is c ausing Freddie to incur losses is by requiring it to play a central role in the Obama administration's Homeowner Affordable and Stability Plan, a $75 billion effort launched this month. The program aims to restructure mortgages that struggling borrowers cannot afford, bolster the sagging housing market and bring down interest rates on home loans.

The Obama plan will require Freddie Mac to modify mortgages, which entails reassessing the value of loans and marking them down to current market price. The company must then record a charge to reflect these decreased values. Based on Dec. 31 figures, Freddie Mac said it would incur "an initial pre-tax charge" of $30 billion. That number could grow as the economy declines and would have to be offset by infusions of government capital.".............

............."Then, earlier this month Freddie Mac lost its chief executive, longtime banker David Moffett, who joined the company at the government's behest in September. He clashed with government regulators who pushed him to take steps that would forgo revenue opportunities. Freddie Mac is now looking for a new chief executive, chief operating officer and chief financial officer -- and having trouble finding them.

Inside Freddie Mac, executives are struggling to determine whether their highest priority should be to fulfill the mandates of the Obama administration or find a way back to profitability."

[CaliforniaCon]

Re: “........I think I will busy myself around the house until more information is available. I am starting to reference TV murder shows to explain things, which means I have drifted way into tin foil territory.”

***********

“TV murder shows...” ha ha — you crack me up!!! Thanks for the laugh! We need a few laughs these days

[floriduh voter]

This took DIANE FEINSTEIN out of the headlines. Did she have any ties to Kellerman? How convenient for her. STOP THIEFERETTE!

[floriduh voter]

Don’t forget Trinity’s gay choir director’s untimely murder. I don’t have the name or date. (Wright’s church)

[RegulatorCountry]

Huh? It's the rest of the world that doesn't know how to say Beaufort!

To make it even more amusing, NC has a port town by the same name, a few hours north, but pronounced differently ... they say BYOO-ferd, we say BOW-fert. Good way to start an interstate feud, almost as good as arguing about barbecue, lol.

[CaliforniaCon]

RE: “I hope he made a DVD of himself telling all—and sent it to George Bush!”

**********

Fine, but I hope he sent it to CHENEY first!

[RegulatorCountry]

‘postprandial walk’ ... Who the heck are you? Bones McCoy? ... ‘Get that lady off that gurney, Doc!’

LOL! It's just a high-falutin' way of saying "after dinner walk."

[Revolting cat!]

Acting head of Freddie Mac commits suicide

The word on the street is that dude just wan't into acting.

[CaliforniaCon]

Re: “Fannie and Freddie are so corrupt. They control trillions in mortgages and the employees are the same caliber as the worst postal workers.”

********

Correct — a relative of mine was with Fannie many years ago and made a LOT of money here re mortgages. She hated it, though, and quit — I was at Freddie for about a month and ran away screaming. The insanity of the place was too much and YES, most employees were of the caliber of the absolute worst govt. ‘employees.’

[maggief]

Must read:

http://www.cleveland.com/nation/index.ssf/2008/12/analysis_how_freddie_mac_halte.html

Analysis: How Freddie Mac beat regulatory drive
by Pete Yost / Associated Press
Sunday December 07, 2008, 10:18 PM