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About
Richard F. Syron (born October 25, 1943) is an American economist and business executive known for his leadership roles in major financial institutions. He earned a Bachelor of Arts in Economics from Boston College, graduating magna cum laude, followed by a Master of Arts in Economics from Tufts University in 1969, and a Doctor of Philosophy in Economics from Tufts in 1971. Syron began his career in academia, teaching economics at Northeastern University and Boston College, where he later served as chairman of the board. In 1989, he became CEO of the American Stock Exchange, followed by his appointment as President and CEO of the Federal Reserve Bank of Boston from 1994 to 2001. He then led Thermo Electron Corporation as chairman and CEO from 2001 until 2003, overseeing its acquisition of Fisher Scientific International.
In December 2003, Syron was appointed chairman and CEO of the Federal Home Loan Mortgage Corporation (Freddie Mac), a government-sponsored enterprise pivotal in the U.S. housing finance market. During his tenure from 2003 to 2008, Freddie Mac expanded its portfolio of mortgage-backed securities amid the housing boom, but faced intense scrutiny for its risk management practices leading up to the 2008 financial crisis. Syron resigned in 2008 as the subprime mortgage collapse unfolded, contributing to Freddie Mac's government conservatorship.
Syron's career has not been without controversy. In 2011, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him and two other former Freddie Mac executives, accusing them of misleading investors by understating the risks of subprime loans in financial reports from 2006 to 2007. The suit alleged that Syron and his team failed to disclose the true extent of Freddie Mac's exposure to risky mortgages, contributing to investor losses during the crisis. In 2012, Syron agreed to settle the SEC fraud charges without admitting or denying wrongdoing, paying a $417,000 civil penalty; the settlement resolved the allegations but highlighted criticisms of his oversight at Freddie Mac.
He has received honorary degrees from Boston College, Bentley College, and Bryant College for his contributions to economics and business.