Thursday, May 07, 2009

What it'll be like to work with a client who took bailout money

This WSJ story about Freddie Mac's David Kellerman is extraordinarily sad. And throughout, there are little glimpses of what the future will be like for everyone doing business with a bailed-out company: "the government conservatorship has made working at Freddie and Fannie even more trying, current and former employees say. No major decision involving hiring, firing, compensation or the pricing of mortgages can be made without prior approval from the Federal Housing Finance Agency, which regulates the two giants. Even fairly minor matters, such as decisions on whether to participate in panel discussions at conferences, require FHFA approval."

Is that what's in store for agencies who take on GM, Chrysler or bank work? Are there any agencies who will take on GM, Chrysler or bank work?

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