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WUSA reports that David Kellermann, Senior Vice President and acting CFO at Freddie Mac, was found dead this morning in the basement of his home, an apparent suicide.
Oh, this has the punchline to one of my favorite jokes. What do you call 100 lawyers at the bottom of the ocean? A good start.
That's a pretty inconsiderate joke if you ask me. Regardless of whether he was part of any foul play or not, this is a man's life we are talking about. It isn't some stupid joke...
It kinda makes me wonder what he was stressing so much about (assuming it was a work-related suicide). It's not like Freddie is a normal large bank, with huge losses you're concealing; it's already in conservatorship, sucking off the government money-hose, and everybody already knows it's going to be losing tons of money. Moreover, nobody in government really cares: the GSE's are the housing market at the moment due to subsidized borrowing rates, unlimited bailouts on losses, and the ability and willingness to essentially ignore risk. Heck, they could probably keep paying out hundreds of millions in bonuses while losing hundreds of billions in taxpayer money and nobody would even stop them (in fact, come to think of it, they did). That doesn't sound nearly as stressful as most of the other large bank CFO jobs at the moment.Maybe he realized that the GSE's prolonging the housing market correction at taxpayer expense was one of the single most destructive contributors to the current recession, and felt guilty for indirectly contributing to the problem; that's a stretch, though, and would require more insight than most government officials have demonstrated. Most likely there was something else going on, maybe unrelated to the whole recession.
You know, I'm fine with this. It's just that the people who made this mess suffer. I'm aware there's a widow as well as small child left fatherless, but across the country men are wiping out their entire families before taking their own lives, so I'd say these survivors are lucky they've survived.
Who knows why he did it? But if it is job related it's a good lesson on why you should not become so damn money and position oriented that even though you've likely amassed enough money already to live like a king, it's never enough. Americans will start living simpler lives one way or another. We'd better face up to that. Perhaps this guy couldn't face "failure" in anything.
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