Saturday, July 12, 2008

Fannie Mae and Freddie Mac - a case study in atrocious crisis communications

Now that Freddie Mac and Fanny Mae are in trouble and getting severe criticism, they are making the cardinal mistake so many companies make. They are hiding from the press while politicians and journalists are having a clear field to tear them apart.

In fact, the smartest thing they could each do is to come out with all guns blazing and shout from the highest rooftop that they were only doing what their masters, politicians, wanted, which was to make home ownership easy for all Americans, and if they trod on risky ground, it was only at the behest and expressed wishes of the leaders of the country. They have failed to ensure that the best interests of the people attacking them are aligned with theirs and will probably take the fall for the things they have done, and much else besides.

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