Saturday, October 04, 2008

Clear as Mudd

People are panicking and not getting their stories straight. Take Daniel H. Mudd, former CEO of Fannie Mae (I am not making this name up) for example. Here's his quote:

Almost no one expected what was coming. It’s not fair to blame us for not predicting the unthinkable.— Daniel H. Mudd, former chief executive, Fannie Mae.

and here's a paragraph from the NY Times story where the above quote was the lead:

"So Mr. Mudd made a fateful choice. Disregarding warnings from his managers that lenders were making too many loans that would never be repaid, he steered Fannie into more treacherous corners of the mortgage market, according to executives."

Oh my.

Here's another good one also from the above article:

"When the mortgage giant Fannie Mae recruited Daniel H. Mudd, he told a friend he wanted to work for an altruistic business."

and later in the same article:

"Mr. Mudd collected more than $10 million in his first four years at Fannie."

Why do I feel like J. Fred Muggs would have probably done a better job??