Latest Business News: Men's Wearhouse Founder Clashed With CEO, Mulls Comeback

Wochit 1:01 mins

Tensions started rising at Men's Wearhouse Inc over the past six months, as founder and executive chairman George Zimmer increasingly butted heads with his handpicked CEO over the clothing retailer's strategy. A bipartisan group of U.S. senators will introduce a bill to abolish Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis. The U.S. government seized the mortgage firms in 2008 to rescue them from insolvency, spending a total of $187.5 billion to keep them afloat. Fannie Mae and Freddie Mac, which charge lenders a fee in return for guaranteeing principal and interest on mortgages, are now posting record profits. U.S. stocks rose in early trading, pushed higher by a trifecta of encouraging economic reports.

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