TOPICS:
APR 23, 2009 08:24 AM
APR 23, 2009 08:41 AM
Quella
USA
July 2008
APR 23, 2009 07:26 PM
APR 23, 2009 08:10 PM
Quella
USA
July 2008
APR 24, 2009 05:52 AM
The original information I read was from FOXNEWS 
and I didn't want to quote them, so I went to yahoo which truncated the article.
Filling in, this poor fellow was promoted to acting CFO from another high ranking position, and fell under the enormous stress of trying to pull it all together and turn his company around. Although Federal Prosecutors says they were focusing on the corporation and not Kellermann himself, many reputable news organizations (AP and CNN here) acknowledge that
the SEC had just initiated an investigation into wrongdoing at many levels, and Kellermann could have been part of the investigation, or might've feared being part of it, or might've feared having to give up information on colleagues and friends.
The Associated Press says:
Kellermann was promoted last September when the government seized the mortgage company and ousted its top two executives. Neighbors said Kellermann had lost a noticeable amount of weight under the strain of the new job. Some neighbors said they suggested to Kellermann should quit to avoid the stress, but Kellermann responded that he wanted to help the company through its problems. The neighbors did not want to be quoted by name because they didn't want to upset the family.
Kellermann oversaw a staff of about 500 at Freddie Mac's McLean, Va., headquarters and was working on the company's first-quarter financial report, due by the end of May. Federal regulators closely oversee the company's books and sign off on major decisions.
That relationship has been tense and stressful, with Kellermann working long hours, a colleague said. Freddie Mac executives recently battled with federal regulators over whether to disclose potential losses on mortgage securities tied to the Obama administration's housing plan, said a person familiar with the deliberations who was not authorized to discuss the matter publicly.
Freddie Mac, which owns or guarantees about 13 million mortgages, has been criticized for financing risky loans that fueled the real estate bubble and are now defaulting at a record pace. The company lost more than $50 billion last year, and the Treasury Department has pumped in $45 billion to keep the company afloat. Last month, David Moffett, the government-appointed chief executive, resigned in frustration over strict oversight.
Kellermann worked for Freddie Mac more than 16 years, starting out as a financial analyst and auditor.
Freddie Mac and sibling company Fannie Mae have both come under fire from lawmakers because they plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs. Kellermann got $170,000 and was to receive another $680,000 over the next year
Federal prosecutors in Virginia have been investigating Freddie Mac's business practices. But two U.S. law enforcement officials, who spoke on condition of anonymity because they were not authorized to discuss the Freddie Mac investigation, said Kellermann was neither a target nor a subject of the investigation and had not been under law enforcement scrutiny.
And from
CNN
According to a March 11 company filing, Freddie Mac was being investigated by U.S. Attorney's Offices in New York and Virginia. It subsequently was notified that the Securities and Exchange Commission was also launching an inquiry -- which has since evolved into a "formal investigation."
The company was subpoenaed for documents relating to accounting, disclosure and corporate governance matters in September 2008, October 2008, January 2009 and February 2009. The filing also says that SEC staff was interviewing company employees.
In a statement, Freddie said that it "knows of no connection between David Kellerman's death and the regulatory inquiries that were discussed in our recent SEC filing."
If he'd had sociopathic tendencies he might've not cared as much, but sounds like he was under an incredible amount of stress.
RIP.
FellOnEarth
Temecula, CA
April 2006
APR 23, 2009 04:58 AM