LayoffBlog.com

January 30, 2009

Fannie Mae Logic Bomb Would Have Caused Weeklong Shutdown

Filed under: FYI — 7macaw @ 4:16 pm
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A logic bomb allegedly planted by a former engineer at mortgage finance company Fannie Mae last fall would have decimated all 4,000 servers at the company, causing millions of dollars in damage and shutting down Fannie Mae for a least a week, prosecutors say.

Unix engineer Rajendrasinh Babubha Makwana, 35, was indicted Tuesday in federal court in Maryland on a single count of computer sabotage for allegedly writing and planting the malicious code on Oct. 24, the day he was fired from his job. The malware had been set to detonate at 9:00 a.m. on Jan. 31, but was instead discovered by another engineer five days after it was planted, according to court records.

Source: Wired Blog

January 23, 2009

Fannie Mae Laying Off Hundreds

According to The Washington Post: “Fannie Mae, the District mortgage giant taken over by the federal government last year, is laying off several hundred employees locally as it reorients itself to focusing on preventing home foreclosures.

Starting today, the layoffs will be concentrated among employees working in technology, administration, communications and the company’s single-family unit, which works to buy and bundle mortgages from lenders.
Fannie plans to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit. ”

Brian Faith, “a company spokesman said the total number of Fannie employees should remain the same in 2009 as in 2008, at just over 5,500.”

January 5, 2009

The biggest CEO firings of 2008

The biggest names to be shown the door as a result of the economic crisis:

  • Martin Sullivan of American International Group (let go in June)
  • Kerry Killinger at Washington Mutual (September)
  • Richard Fuld of Lehman Brothers (leaving next month)

“Their distinguished company includes James Cayne of the now-deceased Bear Stearns and Richard Syron and Daniel Mudd, the former CEOs of the mortgage buyers Freddie Mac and Fannie Mae.”,  according to Forbes and MSNBC

“There are two kinds of CEO firings,” says Noel Tichy, a professor at the Ross School of Business at the University of Michigan. “There are the crooks and there are the incompetents.” This year the biggest departing names all fell into a gray area in between.”

Source: Forbes, MSNBC

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