Friday, 27 March 2015
Last updated 2 hours 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…