Yesterday Freddie Mac posted a most curiously titled press release.[1] It would seem that their number two top executive, COO Gene McQuade, was offered the number one CEO spot, but turned it down in favor of leaving the company in the fall and seeking to head up "a more traditional financial institution." What in the world is going on here? Freddie’s book of business makes it one of the world’s largest financial institutions. Turning away from a challenge like that is not done in these circles. Obviously something else must be going on, the only question is what.
