Richard F. Syron
{{Infobox officeholder
|name = Richard Syron
|image = FRS Boston cent grp 121613 0540 02827 (14079998651) (cropped).jpg
|office = 11th President of the Federal Reserve Bank of Boston
|term_start = January 1, 1989
|term_end = March 31, 1994
|predecessor = Frank Morris
|successor = Cathy Minehan
|birth_date = {{birth date and age|1943|10|25}}
|birth_place = Boston, Massachusetts, U.S.
|death_date =
|death_place =
|education = Boston College {{small|(BA)}}
Tufts University {{small|(MA, PhD)}}
}}
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.{{Cite web|title=Richard F. Syron|url=https://www.federalreservehistory.org/people/richard-f-syron|website=Federal Reserve History}}
Early life and education
Syron graduated from Boston College with a bachelor's degree and earned advanced degrees in economics from Tufts University.
Career
=Paul Volcker and Federal Reserve of Boston=
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.{{citation needed|date=August 2017}}
Syron held a senior post at the Federal Reserve Bank of Boston from 1989 through 1994, and was a member of the Federal Open Market Committee, which sets monetary policy.
=American Stock Exchange=
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.
=Thermo Electron and Freddie Mac=
Syron joined Thermo Electron as CEO in 1999, and moved to his post at Freddie Mac in 2003.{{citation needed|date=August 2017}} 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.{{cite news
|url=https://www.nytimes.com/2008/08/05/business/05freddie.html?pagewanted=1&_r=1&th&emc=th
|title=At Freddie Mac, Chief Discarded Warning Signs
|newspaper=The New York Times
|date=2008-08-05
|accessdate=2008-08-05
| first=Charles
| last=Duhigg
}} 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 {{Dead link|date=February 2022}} 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.{{Cite web|url=https://www.nbcnews.com/id/wbna25740405|title = Freddie Mac CEO got $19.8 million in 2007|website = NBC News| date=18 July 2008 }} Syron was terminated September 6, 2008, under a Federal Housing Finance Agency plan for conservatorship of Freddie Mac.{{Cite news|url=https://www.wsj.com/articles/SB122073569345807283?mod=hps_us_whats_news|title = Takeover May Help Homebuyers, Hit Fan-Fred Shareholders|newspaper = Wall Street Journal|date = 6 September 2008|last1 = Holzer|first1 = Jessica}}{{Cite web|url=https://money.cnn.com/2008/09/06/news/economy/fannie_freddie_paulson.fortune/index.htm?postversion=2008090615|title = Paulson readies the 'bazooka' - Sep. 6, 2008}} It was not known at the time if he would receive a severance package.{{Cite news|url=https://www.reuters.com/article/idUKN0847075520080908|title = Ex-Fannie and Freddie CEOs may collect millions|newspaper = Reuters|date = 8 September 2008}}
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.{{cite web|url=http://oversight.house.gov/story.asp?ID=2252 |title=Committee Holds Hearing on Collapse of Fannie Mae and Freddie Mac |publisher=oversight.house.gov |date=December 9, 2008 |accessdate=December 9, 2008 |url-status=dead |archiveurl=https://web.archive.org/web/20081126185544/http://oversight.house.gov/story.asp?id=2252 |archivedate=November 26, 2008 }}{{cite web|url=http://oversight.house.gov/documents/20081209103407.pdf |title=Testimony of Richard Syron (PDF) |publisher=oversight.house.gov |accessdate=December 9, 2008 |url-status=dead |archiveurl=https://web.archive.org/web/20081212030137/http://oversight.house.gov/documents/20081209103407.pdf |archivedate=December 12, 2008 }}{{cite news |url=http://www.time.com/time/nation/article/0,8599,1865246,00.html |title=Former Fannie, Freddie Execs to Testify |author=Alan Zibel |agency=Associated Press |publisher=TIME |date=December 9, 2008 |accessdate=December 9, 2008 |url-status=dead |archiveurl=https://web.archive.org/web/20090104141608/http://www.time.com/time/nation/article/0,8599,1865246,00.html |archivedate=January 4, 2009 }}
References
- [https://www.nbcnews.com/id/wbna25740405 Freddie Mac CEO got $19.8 million in 2007]
- [http://www.portfolio.com/resources/executive-profiles/16778 Top Executive Profiles, Richard F. Syron, Portfolio.com]
External links
- {{C-SPAN|17382}}
{{s-start}}
{{s-other}}
{{s-bef|before=Frank Morris}}
{{s-ttl|title=President of the Federal Reserve Bank of Boston|years=1989–1994}}
{{s-aft|after=Cathy Minehan}}
{{s-end}}
{{BostonFedBank}}
{{DEFAULTSORT:Syron, Richard F.}}
Category:American chief executives of financial services companies
Category:American financial businesspeople
Category:Boston College alumni
Category:Federal Reserve Bank of Boston presidents
Category:Tufts University School of Arts and Sciences alumni
{{US-business-bio-1940s-stub}}