Chock-Full of True Believers
Posted on July 15th, 2008 by catalyst into the Finances categoryGuess which "companies" are full of people who believe so strongly in the "company" and their leadership that they are willing to put all their financial safety in the "companies" hand?
You guessed it, Fannie Mae and Freddie Mac:
"It's hard to overstate how — and I don't mean this in a weird, Waco, Texas, kind of way — Fannie and Freddie are kind of cultish companies," said the former senior Fannie employee. "True believers [are] gung-ho and work like crazy, and they believe in what they're doing and believe in their companies' mission. . . . And Fannie is chock-full of people like that. Just chock-full of true believers."
Cults don't apply only to churches.
"This is my family's financial future," said Lorrie Rudin, former director of executive compensation for Fannie Mae, who retired last year. "I worked there for 20 years, and I'm just absolutely devastated and terrified."
I feel bad for Lorrie. But this is why you don't put all your trust in leaders. They will fail you.
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