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Manner of Speaking
Joined: 09 Jan 2003
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 Posted: Wed Apr 22, 2009 7:02 am Post subject: Freddie Mac CFO found dead in home |
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Freddie Mac CFO found dead in home
Apr 22, 2009 08:54 AM
MATT SMALL
The Associated Press
WASHINGTON�David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his home this morning in what police said was an apparent suicide.
Mary Ann Jennings, director of public information for the Fairfax County, Va., Police Department, said Kellermann was found dead in his Reston, Va., home. The 41-year-old Kellermann has been Freddie Mac's chief financial officer since September.
Jennings said that a crime scene crew and homicide detectives were investigating the death, but that there didn't appear to be any sign of foul play.
McLean-based Freddie Mac has been criticized heavily for reckless business practices that some argue contributed to the housing and financial crisis. Freddic Mac is a government-controlled company that owns or guarantees about 13 million home loans. CEO David Moffett resigned last month. |
http://www.thestar.com/business/article/622386  |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Wed Apr 22, 2009 7:08 am Post subject: |
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| I wonder how much $ he embezzled. |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Wed Apr 22, 2009 7:12 am Post subject: |
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Now, now.  |
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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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| Posted: Wed Apr 22, 2009 7:38 am Post subject: |
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| Maybe if he'd made the right and ethical business decisions he wouldn't had felt so bad as to commit suicide upon failure and serious loss of image. America needs to evaluate this model headed by these fatty flabby unqualified too comfortable game playing CEO's as they're not performing for us as effective value adding leaders. I can't think of one good CEO, but know companies that are profitable are only profitable out of circumstance such as Wal-Mart not to criticize them for supporting the model of outsourcing every god damned thing, except retail sales, to China. Too much unfettered corruption has led to the collapse. I don't show any condolences for a bad CEO committing suicide over failure resulting from going too deep in deceptive finance games on a macro level that are destroying America. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Apr 22, 2009 8:17 am Post subject: |
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The guy was CFO that's "F" not CEO. And it was "acting" CFO.
He was promoted to acting CFO AFTER the government takeover last September.
He had lost about $350,000 on his AIG stock. I would also speculate that he had been told, or at least expected that the company would NOT make good on his bonus that he'd been promised, and that he felt he couldn't support his family without it.
There was no mention of any fraud on his part, could have been, but it was not mentioned. Just that he'd lost a lot of money. The job would be pretty stressfull these days as well. Maybe family financial trouble, coupled with wife trouble about money (speculating, but it's common), money loss, job stress, maybe always a bit suicidal and he just decided it was time ... Suicide by hanging hints that this wasn't a sudden urge to die. He had considered this for a while ... |
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ubermenzch
Joined: 09 Jun 2008
Location: bundang, south korea
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| Posted: Wed Apr 22, 2009 3:40 pm Post subject: |
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| for some reason this brought david foster to mind (deputy white house counsel during the first term of bill clinton who commited suicide). probably because i anticipate the more paranoid elements of the right-wing, who are doubtless currently piecing together quite a tale. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Thu Apr 23, 2009 10:30 am Post subject: |
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VIENNA, Va. (AP) -- Freddie Mac's acting chief financial officer had met with the mortgage giant's human resources office and had been making plans to take time off only a day before authorities found him dead in an apparent suicide, a person close to the company said Thursday.
A human resources official met with David Kellermann on Tuesday and told him he needed a break because he had been working hard, said the person, who spoke on the condition of anonymity because the individual wasn't authorized to discuss the matter publicly.
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Kellermann worked for the company for 16 years and was promoted last September when the government seized the mortgage company and ousted its top two executives. He oversaw a staff of about 500 at Freddie Mac's McLean headquarters and was working on the company's first-quarter financial report, due by the end of May.
Co-workers were not the only ones who had noticed the strain placed on Kellermann by his job duties. Several neighbors said Kellermann had lost weight in recent months, and some had even advised him to quit, but Kellermann responded that he wanted to help the company through its difficulties. |
http://finance.yahoo.com/news/AP-Source-Freddie-Mac-CFO-apf-15014950.html
Too bad he didn't quit. He really needed that vacation or to stop entirely. A couple of months on the outside and he probably wouldn't have resorted to suicide. It's a terrible way to take a vacation.
High level corporate job stress. There's nothing like it.
Teaching, even 60 class hours per week, is like a vacation by comparison. It's a great retirement gig. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Thu Apr 23, 2009 4:28 pm Post subject: |
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It's not exactly a ringing endorsement on the future of residential real estate. 
Like turning the cards face up after a player shot himself dead at the poker table in the middle of the game, we'll find out over the next few months why the Freddie Mac CFO decided to kill himself.  |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Thu Apr 23, 2009 5:09 pm Post subject: |
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| RJjr wrote: |
It's not exactly a ringing endorsement on the future of residential real estate.
Like turning the cards face up after a player shot himself dead at the poker table in the middle of the game, we'll find out over the next few months why the Freddie Mac CFO decided to kill himself. |
Because he feared the future more than death? |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Apr 23, 2009 5:20 pm Post subject: |
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| The gossip has been that he would likely face (if the US ever decides for enforce laws) charges for securities fraud. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Thu Apr 23, 2009 5:59 pm Post subject: |
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| ubermenzch wrote: |
| for some reason this brought david foster to mind (deputy white house counsel during the first term of bill clinton who commited suicide). probably because i anticipate the more paranoid elements of the right-wing, who are doubtless currently piecing together quite a tale. |
Believe you mean Vince Foster. |
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ubermenzch
Joined: 09 Jun 2008
Location: bundang, south korea
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| Posted: Thu Apr 23, 2009 8:37 pm Post subject: |
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| bucheon bum wrote: |
| ubermenzch wrote: |
| for some reason this brought david foster to mind (deputy white house counsel during the first term of bill clinton who commited suicide). probably because i anticipate the more paranoid elements of the right-wing, who are doubtless currently piecing together quite a tale. |
Believe you mean Vince Foster. |
right sorry |
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