Congratulate me! I now own two mortgage companies and an insurance company.
Come to think of it, you own them too. Their names are Freddie Mac, Fannie Mae, and AIG.
I’m not sure they were playing with a full deck when they made me an owner. As I frequently tell my co-workers, you don’t want me in charge of anything. I’m too tough. I don’t mind flunking people who won’t pull their weight. I can’t stand liars. My standards and expectations are very high.
Or as my kids say, I’m a Mean, Mean Mama.
Unfortunately, I don’t truly get the option to rule a segment of the financial services world. But if I did, I’m not sure what I would do first to turn these entities around.
It sounds like the government is planning to take away all the bad stuff in Freddie/Fannie/AIG and park it in another entity never to bother Freddie/Fannie/AIG again. Seems like a corporate absolution of financial sins. I wonder how many Hail Marys they’ll need to say.