full interview q and a below on link. i watched this last night and his answers to some direct questions are cringeable and clearly this guy had lost touch with reality. i dont know if anyone remembers but the comparisons to star trek and the episode with captain mudd who was also mad are amazing. i have picked one of my favourite answers here: Liesman: WHAT ABOUT THE ISSUE OUT THERE AND POUNDED BY THE BEARS RELATIVE TO YOUR STOCK, THAT THERE ARE MORE LOSSES TO COME AND THE LOSSES IN YOUR PORTFOLIO AND THE ISSUE OF WHETHER OR NOT CAPITAL AT THIS POINT RIGHT NOW IS ADEQUATE? Mudd: YEAH, WELL, YOU KNOW, WE HAVE A VERY DETAILED AND STRINGENT CAPITAL REGULATION. WE HAVE A REGULATOR WITH EXAMINERS ON SITE. AND LAST WEEK THE REGULATOR INDICATED THAT THEY CONTINUE TO ASSIGN US A -- Liesman: I UNDERSTAND THAT. I AM SORRY TO INTERRUPT. THE REGULATOR MAY BE SAYING ONE THING, BUT THE MARKET IS SAYING ANOTHER. WHAT CAN YOU SAY ABOVE AND BEYOND THE REGULATOR'S ASSURANCE TO THE MARKET THAT A CAPITAL IS ADEQUATE NOO Mudd: WELL, YOU DID POINT OUT IN THE BEGINNING THERE WEâRE IN A QUIET PERIOD. I THINK THAT AT THIS POINT, YOU KNOW, THE REGULATORS' ASSESSMENT BASED ON THE A LOT OF EXAMINATION AND WORK, RIGHT NOW WE HAVE A LOT OF CAPITAL, AND WE ARE ABLE TO RAISE CAPITAL, AND NOT ONLY IN NOVEMBER, BUT, AGAIN, IN MAY, AND WE RAISED $7.5 BILLION THAT CAPITAL. WE ARE ABOVE THE REGULAR LAW TORI REQUIREMENTS, GOING INTO THE BELLY OF THIS MARKET. AND I HAVE SAID BEFORE, WITH YOU FOLKS AND THS, YOU KNOW, WE DON'T KNOW EXACTLY WHERE THE BOTTOM IS. WE DON'T KNOW EXACTLY WHAT THE DURATION IS. BUT IT'S IMPORTANT, AS WE GO INTO THAT TYPE OF MARKET, TO MAKE SURE THAT WE ARE LONG IN CAPITAL. THAT'S THE WORK THAT WE HAVE BEEN DOING. http://www.clusterstock.com/2008/7/fannie-mae-fnm-ceo-mudd-tries-to-instill-confidence-fails