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Freddie Mac Ready to Oust CEO Over Accounting Scandal

Aug 22, 2003 | Wall Street Journal

Freddie Mac , under pressure from its regulator, is considering relieving Greg Parseghian of his duties as chief executive, people familiar with the situation said, according to The Wall Street Journal.

Mr. Parseghian, 42 years old, would likely continue to remain with the mortgage company in a very senior position, one of these people said. At least one other senior executive, longtime General Counsel Maud Mater, is likely to leave the company, this person said. Efforts to reach Mr. Parseghian and Mater through the company early yesterday evening weren't successful.

Wall Street has been abuzz with rumors for weeks that Mr. Parseghian would step down as CEO, after an investigation commissioned by the company's board and released in July found that Mr. Parseghian played an active, albeit reluctant, role in the company's highly publicized accounting troubles. Freddie Mac ousted three other top executives, including former CEO Leland Brendsel, in June in connection with its accounting problems, which are expected to lead to a restatement of past earnings totaling as much as $4.5 billion.

A spokeswoman for the Office of Federal Housing Enterprise Oversight, Freddie Mac's regulator, said "we can confirm there have been meetings with Freddie Mac that included discussions about current management." But the spokeswoman, Corinne Russell, said she couldn't provide any more details. A spokesman for Freddie Mac, a government-sponsored, publicly traded company that buys mortgages from lenders to help improve the flow of capital through the U.S. mortgage market, didn't respond for comment.

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