Too little, too late?
Fannie Mae shook up its senior management in a move it said was designed to "drive" the mortgage company’s efforts to conserve capital and contain a surge in costs stemming from defaults by homeowners.
The company, struggling with losses that have called into question its ability to survive without a government bailout, announced the departures of Robert Levin, a 27-year veteran who was chief business officer, and two executives who joined within the past two years: Stephen Swad, who was chief financial officer; and Enrico Dallavecchia, who was chief risk officer.
Fannie promoted Peter Niculescu to chief business officer with broad responsibilities for the businesses of providing guarantees on mortgage securities and investing in such securities, as well as for raising capital and managing debt needs. Mr. Niculescu, 48 years old, joined Fannie in 1999 after working as a top bond-market analyst and strategist for Goldman Sachs. In recent years, he has been responsible for managing Fannie’s holdings of mortgages and related securities, which currently total about $758 billion.
Fannie also named David Hisey, 48, formerly controller, as chief financial officer. Michael Shaw, 61, formerly a senior vice president, becomes chief risk officer.
Discuss . . .
Fannie Names New Officers in Shake-Up
JAMES R. HAGERTY and APARAJITA SAHA-BUBNA
WSJ, August 28, 2008
Via Mike Panzner, comes this list of the 50 down 50:
Since the S&P 500 hit a closing peak of 1565.15 on October 9th,
the benchmark has lost 18.11% (through this morning). However, 50
stocks, or 10% of the index constituents, have actually fallen by more
than 50%. Not surprisingly, the biggest losers are financials, though
the list also includes a few dogs from the auto, newspaper and
technology sectors, among others.
I am curious about the following: How many times has this happened before? What did the markets do 6, 12 and 24 months afterwards?
Click through for the infamous 50: