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CNN Live At Daybreak

Freddie Mac Under Pressure to Remove CEO

Aired August 22, 2003 - 06:16   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little more business buzz right now. Freddie Mac's CEO may be on the way out.
Joya Dass live at the Nasdaq market site out of New York with this latest development.

Tell us about it -- Joya.

JOYA DASS, CNN FINANCIAL NEWS CORRESPONDENT: Hey there, Carol.

Well, you know Freddie Mac has actually been under investigation by the Justice Department and the SEC for some time now. And the morning newspapers are indicating that Greg Parseghian, who is the CEO of Freddie Mac, could be forced to step down.

Now the internal investigation has actually revealed that he was a little bit more involved in this accounting scandal than was initially thought. He was only instituted into his position in June after it was discovered that the company had some accounting problems and Freddie Mac was going to have to restate some of its earnings by as much as $4.5 billion.

Well, after everything is said and done, he is going to stay on. He is going to stay on in a senior role. That's according to the "Washington Post" this morning. But anytime we're talking about Freddie Mac, we know we're talking about the nation's second largest mortgage lender, and housing has certainly been one leg for this economy to stand on.

COSTELLO: Absolutely. Hey, you going to be around for Anna Kournikova and her sports bra with Jeff Bezos today?

DASS: I sure am. Of all things, we're going to be talking about bras because she is introducing the Anna Bra. So we get to ask her about that here today.

COSTELLO: How exciting. Hopefully she'll be modeling it.

DASS: Oh boy, I'm sure there are a lot of male folks out there and fans who would like to see that.

COSTELLO: I'm sure you're right. Thank you, Joya, we appreciate it.

DASS: OK.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired August 22, 2003 - 06:16   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little more business buzz right now. Freddie Mac's CEO may be on the way out.
Joya Dass live at the Nasdaq market site out of New York with this latest development.

Tell us about it -- Joya.

JOYA DASS, CNN FINANCIAL NEWS CORRESPONDENT: Hey there, Carol.

Well, you know Freddie Mac has actually been under investigation by the Justice Department and the SEC for some time now. And the morning newspapers are indicating that Greg Parseghian, who is the CEO of Freddie Mac, could be forced to step down.

Now the internal investigation has actually revealed that he was a little bit more involved in this accounting scandal than was initially thought. He was only instituted into his position in June after it was discovered that the company had some accounting problems and Freddie Mac was going to have to restate some of its earnings by as much as $4.5 billion.

Well, after everything is said and done, he is going to stay on. He is going to stay on in a senior role. That's according to the "Washington Post" this morning. But anytime we're talking about Freddie Mac, we know we're talking about the nation's second largest mortgage lender, and housing has certainly been one leg for this economy to stand on.

COSTELLO: Absolutely. Hey, you going to be around for Anna Kournikova and her sports bra with Jeff Bezos today?

DASS: I sure am. Of all things, we're going to be talking about bras because she is introducing the Anna Bra. So we get to ask her about that here today.

COSTELLO: How exciting. Hopefully she'll be modeling it.

DASS: Oh boy, I'm sure there are a lot of male folks out there and fans who would like to see that.

COSTELLO: I'm sure you're right. Thank you, Joya, we appreciate it.

DASS: OK.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com