Richard F. Syron is a former chairman and chief executive officer of the
Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Thermo Electron
Thermo Electron Corporation (NYSE: TMO) (incorporated 1956) was a major provider of analytical instruments and services for a variety of domains. It was founded in 1956 by George N. Hatsopoulos, an MIT PhD in mechanical engineering. Initial fu ...
Corp., and as CEO of the
American Stock Exchange
NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was know ...
.
Early life and education
Syron graduated from Boston College with a bachelor's degree and earned advanced degrees in economics from
Tufts University
Tufts University is a private research university on the border of Medford and Somerville, Massachusetts. It was founded in 1852 as Tufts College by Christian universalists who sought to provide a nonsectarian institution of higher learning. ...
.
Career
Paul Volcker and Federal Reserve of Boston
He served as assistant to
Paul Volcker
Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely credited with having ended th ...
, then the chairman of the
Federal Reserve Board
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the m ...
, in 1981 and 1982, and previously served as deputy assistant secretary of the
United States Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...
. 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
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of ...
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 Open Market Committee
The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treas ...
, which sets monetary policy.
American Stock Exchange
He joined the
American Stock Exchange
NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was know ...
as CEO in 1994 held that post for five years, which included its merger in 1998 into the
National Association of Securities Dealers
The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associat ...
.
Thermo Electron and Freddie Mac
Syron joined
Thermo Electron
Thermo Electron Corporation (NYSE: TMO) (incorporated 1956) was a major provider of analytical instruments and services for a variety of domains. It was founded in 1956 by George N. Hatsopoulos, an MIT PhD in mechanical engineering. Initial fu ...
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. 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. Syron was terminated September 6, 2008, under a
Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), ...
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the N ...
,
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.financial market instability.