Richard F. Syron
Encyclopedia
Richard F. Syron is a former chairman and chief executive officer of the Federal Home Loan Mortgage Corporation
, commonly known as Freddie Mac. He previously served as chairman and CEO of Thermo Electron
Corp., and as CEO of the American Stock Exchange
.
Syron graduated from Boston College
with a bachelor's degree and earned advanced degrees in economics from Tufts University
.
He served as assistant to Paul Volcker
, then the chairman of the Federal Reserve Board, in 1981 and 1982, and previously served as deputy assistant secretary of the United States Treasury. In that with responsibility for developing the department's position on all domestic economic policy issues, and extensive interaction with other executive branch agencies, Congress and the public.
Syron held a senior post at the Federal Reserve Bank of Boston
from 1989 through 1994, and was a member of the Federal Reserve Board's Open Market Committee, which sets monetary policy.
He joined the American Stock Exchange
as CEO in 1994 held that post for five years, which included its merger in 1998 into the National Association of Securities Dealers.
Syron joined Thermo Electron
as CEO in 1999, and moved to his post at Freddie Mac in 2003.
In 2004, David Andrukonis, the chief risk officer of Freddie Mac, warned Syron of increasing risk in Freddie Mac's portfolio. Syron declined to act.
In December 2007, Syron told financial analysts that he expected Freddie Mac would incur heavy losses because of the weakening housing market and rising mortgage defaults. http://www.philly.com/inquirer/business/20071212_Dismal_forecast_for_Freddie__Fannie.html Despite these forecasts, and concerns over the fiscal stability of Freddie Mac due to larger-than-expected write-offs, Syron reportedly took home over $19 million in cash, stocks, and other executive compensation in 2007. http://www.msnbc.msn.com/id/25740405/
Mr. Syron was terminated September 6, 2008, under a Federal Housing Finance Agency plan for conservatorship of Freddie Mac. http://online.wsj.com/article/SB122073569345807283.html?mod=hps_us_whats_newshttp://money.cnn.com/2008/09/06/news/economy/fannie_freddie_paulson.fortune/index.htm?postversion=2008090615
It is unknown as of yet if he will receive a severance package.http://www.reuters.com/article/idUKN0847075520080908
On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.
His official biography at the Freddie Mac website is no longer available since his termination in September 2008.
Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation , known as Freddie Mac , is a public government sponsored enterprise , headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia....
, commonly known as Freddie Mac. He previously served as chairman and CEO of Thermo Electron
Thermo Electron
Thermo Electron Corporation was a major provider of analytical instruments and services for a variety of domains.Thermo had revenues of over $2 billion, and employed 11,000 people in 30 countries....
Corp., and as CEO of the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
.
Syron graduated from Boston College
Boston College
Boston College is a private Jesuit research university located in the village of Chestnut Hill, Massachusetts, USA. The main campus is bisected by the border between the cities of Boston and Newton. It has 9,200 full-time undergraduates and 4,000 graduate students. Its name reflects its early...
with a bachelor's degree and earned advanced degrees in economics from Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
.
He served as assistant to Paul Volcker
Paul Volcker
Paul Adolph Volcker, Jr. is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and...
, then the chairman of the Federal Reserve Board, in 1981 and 1982, and previously served as deputy assistant secretary of the United States Treasury. In that with responsibility for developing the department's position on all domestic economic policy issues, and extensive interaction with other executive branch agencies, Congress and the public.
Syron held a senior post at the Federal Reserve Bank of Boston
Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers most of Connecticut , Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in the Federal Reserve Bank Building in Boston,...
from 1989 through 1994, and was a member of the Federal Reserve Board's Open Market Committee, which sets monetary policy.
He joined the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
as CEO in 1994 held that post for five years, which included its merger in 1998 into the National Association of Securities Dealers.
Syron joined Thermo Electron
Thermo Electron
Thermo Electron Corporation was a major provider of analytical instruments and services for a variety of domains.Thermo had revenues of over $2 billion, and employed 11,000 people in 30 countries....
as CEO in 1999, and moved to his post at Freddie Mac in 2003.
In 2004, David Andrukonis, the chief risk officer of Freddie Mac, warned Syron of increasing risk in Freddie Mac's portfolio. Syron declined to act.
In December 2007, Syron told financial analysts that he expected Freddie Mac would incur heavy losses because of the weakening housing market and rising mortgage defaults. http://www.philly.com/inquirer/business/20071212_Dismal_forecast_for_Freddie__Fannie.html Despite these forecasts, and concerns over the fiscal stability of Freddie Mac due to larger-than-expected write-offs, Syron reportedly took home over $19 million in cash, stocks, and other executive compensation in 2007. http://www.msnbc.msn.com/id/25740405/
Mr. Syron was terminated September 6, 2008, under a Federal Housing Finance Agency plan for conservatorship of Freddie Mac. http://online.wsj.com/article/SB122073569345807283.html?mod=hps_us_whats_newshttp://money.cnn.com/2008/09/06/news/economy/fannie_freddie_paulson.fortune/index.htm?postversion=2008090615
It is unknown as of yet if he will receive a severance package.http://www.reuters.com/article/idUKN0847075520080908
On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.
His official biography at the Freddie Mac website is no longer available since his termination in September 2008.