SEC Vs. Syron

The Securities and Exchange Commission, in a civil case, is accusing the former CEO of Freddie Mac, Richard Syron, of securities fraud. Mr. Syron served from 1989 to 1994 as president of the Federal Reserve Bank of Boston, has a Ph.D. in economics from Tufts, and also worked as an assistant to Paul Volcker. According to the complaint, Mr. Syron's compensation "grew from approximately $14.7 million in 2006 to $18.3 million in 2007." Without passing judgment on Mr. Syron's alleged behavior, one wonders whether the "fraud" would have been noticed or harmed anyone had Henry Paulson not decided to seize the company from its shareholders.