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Thursday, April 23, 2009

Freddie's CFO an Apparent Suicide ?

First of all my condolences but in any case the death of this man whatever the cause was gives me the creeps as he had the center position as Freddie is not an acting agency anymore but the outlet of some strange government policies. On the one hand the have to cover up things as the government responsible for the oversight screwed up big time but more so burdens task on them to cover up the mess in the banking industry while pumping unlimited resources of taxpayers money into them. David Kellermann was the central hub off all that knowledge and could even himself not bear it anymore or was unbearable for others. In any case something is deeply rotten in those agencies much more than we might think it seems. Obama makes so far no comments on this episode that unfortunately means that his advisors think its smarter to stay away from this toxic event.

VIENNA, Va. -- Authorities recovered the body Wednesday of Freddie Mac's acting chief financial officer after an apparent suicide in the home he shared with his wife and young daughter.

David B. Kellermann, who had worked 16 years at the ailing mortgage giant, was described by colleagues as popular, jovial and upbeat, but some said he recently appeared stressed and overwhelmed by the job. "He worked himself into a frazzle," a former co-worker said. Colleagues said Mr. Kellermann was involved in dealing with investigations into Freddie's accounting by the Justice Department and the Securities and Exchange Commission, but that there was no indication he was a target or that the inquiries were causing him anguish.

Investigators have been questioning Freddie officials about possible accounting violations and other matters in recent months, the company disclosed in March. "We know of no connection between this terrible personal tragedy and the ongoing regulatory inquiries discussed in our recent SEC filing," said David Palombi, Freddie's chief spokesman.

A person familiar with the Justice Department's investigation said it was in its early stages and that Mr. Kellermann wasn't considered a target of the probe.

David Moffett, who resigned last month as chief executive officer of Freddie, said in an interview that Mr. Kellermann was a "very skilled and capable" executive who "had lists and lists of things to do" but brightened up meetings with jokes and his loud neckties.

Fairfax County police, responding to a 911 call at 4:48 a.m., found Mr. Kellermann's body in the basement of the home he shared with his wife, Donna, and 6-year-old daughter, Grace, in the Hunter Mill Estates subdivision in a Washington, D.C., suburb. A police spokesman wouldn't provide details on Mr. Kellermann's death but said there were no signs of foul play.

Freddie Mac's CFO Found Dead in Home


Freddie Mac's David Kellermann, acting chief financial officer at the troubled housing finance giant, has died in an apparent suicide. WSJ's Kelsey Hubbard reports.

Mr. Kellermann, who joined Freddie in 1992, was named acting financial chief in late September. He had been a senior vice president and corporate controller. He had earned a masters degree in finance from George Washington University and a bachelors degree in political science and accounting from the University of Michigan, according to Freddie's Web site.

Along with rival Fannie Mae, Freddie is caught in a turbulent period that has pressured executives and left some demoralized. Both companies have seen departures of some key executives in recent months. Gary Kain, who was the head of Freddie's investments and capital-markets operations, joined a private-equity firm early this year, and Timothy Bitsberger, Freddie's treasurer, stepped down in November. Adding to the turmoil was Mr. Moffett's abrupt resignation as chief executive of Freddie.

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