That seemed like a big job until last month, when the 42-year-old Wall Street veteran became Freddie’s CEO, charged with restoring the government-sponsored enterprise’s credibility in the face of questions about its accounting methods. Parseghian took over from longtime chief Leland Brendsel, who stepped down after the company announced that it had understated its earnings by $4.5 billion to make them appear less volatile to investors. The former bond analyst -- a six-time member of II‘s All-America Fixed-Income Research Team -- must soothe critics worried about systemic risks that may be posed by the massive interest rate exposure of Freddie and sister agency Fannie Mae. “My first two weeks were spent being told by practically everyone in Washington how disappointed they were that our accounting controls had failed,” says Parseghian. “But everyone, from both sides of the aisle in Congress to Treasury, Fed and HUD officials, reiterated how badly they want Freddie Mac to succeed from here. My top priority is to earn back their confidence.” Parseghian got some practical advice before taking the job. “The first thing I did was to get my wife’s reaction,” he says. “She had some strong demands -- that this wouldn’t harm my ability to be a father to our two kids. So right out of the gate, I was having to go about the task of reassuring a major constituent.”
