Sunday, 23 November 2014
Last updated 1 day ago
Apr 12 2012 | 11:09am ET
Daniel Mudd could still be CEO of Fortress Investment Group today—but only if he did something he won't allow his lawyers to even mention.
The New York-based alternative investments giant's board of directors told Mudd they'd stick by him if he quickly settled a lawsuit against him by the Securities and Exchange Commission. In December, the regulator accused Mudd and five other former executives of Fannie Mae and Freddie Mac of making false and misleading statements about the firms' exposure to subprime mortgages.
But Mudd wouldn't budge, even if his controversial four-year stewardship of Fannie Mae has already "cost me two jobs."
"I've told my legal team: If you use the world 'settle,' I will fire you," Mudd told Bloomberg News.
"I've worked honestly and honorably and I'm not going to roll over in the face of a baseless, politically-motivated work of fiction."
Mudd resigned from Fortress in January, a month after the SEC lawsuit. Fortress was not accused of any wrongdoing.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...