From Freddie to Citi, McQuade can't avoid 'onerous' oversight


Back in 2007, veteran banker Eugene McQuade said he was leaving his post as president of mortgage giant Freddie Mac (FRE) because he was frustrated with "onerous" demands by the company's overseers in Washington.

Unfortunately, McQuade's new position as CEO of commercial banking operations at Citigroup (C) probably won't give him much relief from regulators' prying eyes. After all, the Treasury Department now owns 36 percent of Citi's common stock and the government's fingerprints are all over yesterday's management shakeup at the company.