David Maxwell

Summary

The highly successful CEO of Federal National Mortgage Association (Fannie Mae) during the late 1980s.

Timeline & Role

• 1988: Buffett visits him in Washington to confirm he wouldn't be uncomfortable with Berkshire taking a massive $350-$400 million position in Fannie Mae. Maxwell had "dealt superbly with some problems that he had inherited and had established the company as a financial powerhouse." Despite Maxwell's execution, Buffett's "thumb-sucking" led to Berkshire leaving $1.4B on the table. 1991 Letter