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Freddie Mac CFO Found Dead In Apparent Suicide
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I'm always rightFuckin' deal with itRegistered User regular
I'm always rightFuckin' deal with itRegistered User regular
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Honestly, not feeling much sympathy for this one. If the suicide was related to the financial collapse -which it probably was- taking the coward's way out instead of owning up to and facing your problems is fucking reprehensible. Although the reasoning behind the suicide interests me- was it the stress of attempting to keep his company afloat? Or was it, more likely, a way to dodge an inevitable criminal proceeding filed against him or Freddie Mac in general? Anyone here in the know on the housing market collapse who can tell what criminal charges him or Freddie Mac were possibly guilty of?
David Kellermann, acting chief financial officer at Freddie, was found dead at his home in Fairfax County, Va.
Kellermann was named acting CFO in late September, three weeks after the government took control of Freddie. He was previously senior vice president and corporate controller at the firm.
His death comes as staff from the Securities and Exchange Commission and Justice Department have been probing the finance company about issues including possible accounting violations.
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FRE 0.82, -0.04, -5.0%) disclosed the investigation in a March 11 filing, and the firm said it is "cooperating fully in these matters."
According to the SEC filing, Freddie said it received a federal grand jury subpoena from the U.S. Attorney's Office for the Southern District of New York on Sept. 26. The subpoena sought documents related to accounting, disclosure and corporate governance matters, according to the filing.
But that subpoena was later withdrawn and the investigation was taken over by the U.S. Attorney's Office for the Eastern District of Virginia.
According to the filing, on Oct. 21, Freddie said the SEC began its own investigation, asking Freddie for documents. Specifically, on Jan. 23, Jan. 30 and Feb. 25, the SEC issues subpoenas for documents. The agency also began its own interviews of company employees, Freddie said in the filing.
Freddie said it was cooperating with the investigation.
In addition to the investigation, Freddie Mac also received a request from the House Committee on Oversight and Investigations on Oct. 20. The committee was seeking documents for a hearing it held on Dec. 9.
Freddie Mac has received more than $30 billion in government support as the mortgage and credit crisis intensified.
The suicide surprised some key regulators in Washington, who expressed their condolences.
"On behalf of the Treasury family, we are deeply saddened by the news this morning of David Kellermann's death," said Treasury Secretary Timothy Geithner in a statement. "Our deepest sympathies are with his family and his colleagues at Freddie Mac during this difficult time."
In addition to Geithner, the Federal Housing Finance Agency, issued a statement expressing their sadness to hear about Kellermann's passing.
"For many years, we have known David as a person of the utmost ethical standards who was hardworking and knowledgeable in his field. As the Acting Chief Financial Officer of Freddie Mac during particularly challenging times, David was an inspiration to his staff and many others who were privileged to work with him. We extend our condolences to his family, friends and colleagues."
Honestly, not feeling much sympathy for this one. If the suicide was related to the financial collapse -which it probably was- taking the coward's way out instead of owning up to and facing your problems is fucking reprehensible. Although the reasoning behind the suicide interests me- was it the stress of attempting to keep his company afloat? Or was it, more likely, a way to dodge an inevitable criminal proceeding filed against him or Freddie Mac in general? Anyone here in the know on the housing market collapse who can tell what criminal charges him or Freddie Mac were possibly guilty of?
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