
What are some of the things that you look for in a job? Maybe your list includes crappy pay, frustrating work that feels like a waste of time and effort, being yelled at all the time by strangers and politicians, or dealing with bureaucracy and red tape. Well, if that’s the case, Freddie Mac wants you to know they’re looking for a few good executives:
Now, approaching his 70th birthday June 30, Mr. [John] Koskinen has what may be his most thankless assignment: chairman as well as interim chief executive and finance chief of Freddie Mac, a big mortgage company on Treasury Department life support. Near the top of his to-do list is finding a new CEO and finance chief.
But recruiting for permanent spots is tricky at Freddie and other companies getting propped up with federal money.
For one thing, the pay likely will be comparatively modest. Though Mr. Koskinen says it isn’t clear how much regulators will allow Freddie to pay top executives, it will be far lower than in the past, when CEO compensation sometimes topped $10 million a year. Mr. Koskinen has declined compensation for the CEO and finance positions but is being paid $290,000 a year as chairman.
Another issue is that regulators now have veto rights over major decisions at Freddie and its sister company, Fannie Mae.
One former Wall Street executive says he was approached about the CEO spot but declined. He says he envisioned working for minimal pay while getting “raked over the coals” by lawmakers for matters beyond his control.
Unsurprisingly, Koskinen has had some trouble finding a taker for his gig! But if you like long hours, low pay and the chance to add the name of a now-sullied organization to your resume, it couldn’t hurt to shoot them an inquiry email. I think they’ll be looking for a while to find someone with the combination of altruistic-and-combative you probably need for this kind of job.


liberal // Jun 16, 2009 at 3:37 pm
“Maybe your list includes crappy pay…”
I think “crappy” here is meant relatively…
alyx // Jun 16, 2009 at 3:41 pm
Koskinen takes a whopping $0 for the CEO gig he’s trying to fill. I can only hope he’s offering a better figure.
I notice he’s holding on to the one job he takes the $290K for.
Diana Prince // Jun 16, 2009 at 3:57 pm
“I notice he’s holding on to the one job he takes the $290K for.”
OMG! – what if he actually had to work 5-10 years for money like that just like everyone else. I’m really concerned about these poor CEOs – maybe we need to send out another round of free cash asap?! I wouldn’t want them to lose one of their vacation homes or have to fly coach or some other indignity.