Sad and upsetting news this morning:
AP: "David Kellermann, the acting chief financial officer of Freddie Mac, was found dead at his home Wednesday morning in what broadcast reports said was an apparent [but unconfirmed] suicide.He was only 41. Prayers for his family.
. . .
Before taking that job, Kellerman served as senior vice president, corporate controller and principal accounting officer. He was with Freddie Mac for more than 16 years".
An odd coincidence -- "Confessions of a TARP wife" appeared yesterday:
"Here is the reality: TARP managers are scared to death. The executives of these companies are desperately trying to hold their businesses together while complying with a slew of damaging bills flooding out of Congress. My husband has battled the shutdown of the credit markets and a deteriorating business environment for two endless years without respite. He's exhausted, terrified of losing the company, and beaten down by the constant criticism hurled at him."Update: Another unusual circumstance:
From the Washington Post:From the NYT:
"Kellermann has figured in several recent controversies at Freddie Mac. He and a group of company lawyers tussled with the company's regulator in early March as the firm prepared to file its quarterly disclosure. The group insisted that Freddie Mac disclose the $30 billion cost to the company of carrying out the Obama administration's housing recovery plan, but the regulator urged the company not to do so.
Freddie Mac employees argued they had a legal obligation to disclose the information and would have to get the Securities and Exchange Commission, which oversees such disclosures, to sign off if they didn't. The regulator backed down."
"In addition to taking criticism over the bonuses, he was recently involved in tense conversations with the company’s federal regulator over its routine financial disclosures, according to people close to those discussions who also spoke on condition of anonymity. Freddie Mac executives wanted to emphasize to investors that they believed the company was being run to benefit the government, rather than shareholders. The company’s regulator, the Federal Housing Finance Authority, had pushed to play down that language. Freddie Mac reported to the Securities and Exchange Commission that changes it had made in practices to help the government “have increased our expenses or caused us to forgo revenue opportunities.”