JPM Derivatives Director New Fannie Overseer

February 6, 2003
WSJ snippit:

"The White House said Tuesday it has chosen Mr. (Mark) Brickell, a former managing director in the derivatives group at J.P. Morgan & Co., to take the helm of the Office of Federal Housing Oversight, a once obsure agency set up a decade ago to oversee Fannie Mae and Freddie Mae."

Comment: Fannie derivatives up from 72 billion in 1993 to 1.7 trillion today. Guess we all know the counterparty pretty much now. Brickell was also former head of the "International Swaps and Derivatives Association" whatever that is. He also ardently fought otc regulation. Hmmm, swaps, trillions of JPM, Fannie, and gold derivatives all under one roof... could the roof be collapsing? This guy might actually make Harvey Pitt seem unbiased. Maybe one of his early duties was to call up the COMEX buddies and jack gold margins? If gold falls it's win-win for Fannie and JPM.

http://www.wsj.com/