New CEOs Are Untainted by Credit Woes

Source: WSJ

By Randall Smith, Robin Sidel and Joann S. Lublin
Word Count: 718 | Companies Featured in This Article: Fannie Mae, Freddie Mac

The two men handed the task of restoring the credibility and financial strength of Fannie Mae and Freddie Mac have long careers in financial services, but have never led major organizations through periods of extensive turmoil. Nor have the two executives led mortgage companies -- a gap perhaps but one that also helps distance them from the industry's recent woes.

Herbert M. Allison Jr. and David Moffett were on a short list of financial-services executives untarnished by the credit-market troubles. The choice shows the government is more interested in executives with strong operating experience than high-profile leaders.

Mr. Allison, 65 ...


Read more: http://online.wsj.com/article/SB122083103151708433.html?mod=googlenews_wsj

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Betcha they never see a credit card bill. Their accounting departments handle that.