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MONDAY, NOVEMBER 23, 2009
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Pressure on Freddie Exec Was 'Relentless'

Colleagues say Kellermann lost weight, barely went home

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(Newser) – The acting chief financial officer at Freddie Mac, who hanged himself yesterday, was working nonstop and had recently asked the company for a security detail, colleagues tell the New York Times. David Kellermann was struggling to balance the contradictory demands of investors, regulators, and lawmakers, and coworkers say he had lost weight and was returning home only to change clothes. On Tuesday, he requested and received a week's vacation, the Washington Post reports.

With the workload already crushing him and controversy swirling over plans to pay Fannie and Freddie executives $210 million in bonuses, Kellermann returned home one day to find camera crews parked outside. That led the CFO to request protective services for his family, fearing someone would attack his wife and 5-year-old daughter. "He had an incredible commitment to this company and trying to get the economy back on track," said one colleague. "It just doesn't make sense."

The home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, is seen in Vienna, Va., Wednesday,  April 22, 2009, after he was found dead at his home Wednesday morning.
The home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, is seen in Vienna, Va., Wednesday, April 22, 2009, after he was found dead at his home Wednesday morning.   (AP PhotoLuis M. Alvarez)
An unidentified woman and man leave the home of David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Va., Wednesday, April 22, 2009.
An unidentified woman and man leave the home of David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Va., Wednesday, April 22, 2009.   (AP Photo/Luis M. Alvarez)
David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac. Kellermann was found dead at his home Wednesday morning April 22, 2009 iin what police said was an apparent suicide.
David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac. Kellermann was found dead at his home Wednesday morning April 22, 2009 iin what police said was an apparent suicide.   (AP Photo/Freddie Mac)
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Everyone in the financial sector, regardless of where you work, is constantly told both that this is our fault, and that we have to work as hard as possible, otherwise the nation will fall apart. - A Freddie Mac executive and colleague of David Kellermann

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6 comments
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Thinker
Apr 23, 09 7:12 AM CDT
This frightens me. What did this man see that would lead him to believe death was better than quitting his job? Is something coming that is so terrible that will make us want to kill ourselves? Reply
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professortech
Apr 23, 09 9:24 AM CDT
I don't think it was some imminent calamity that he saw coming for the nation as it was imminent calamity he saw coming for himself. Emursed in the classic male role of identifying one's self worth throughtheir occupation, this poor scmuck saw that the house of cards he was in charge of was beyond his ability to manipulate. The fact that he felt like he needed a "security detail" because of fear of the actions of the "common rabble" highlights the artificial, cucoon in which these executives have mangaed to sequestor themselves and their families in. Lets face reality here.. Today in the world there are countless (minimally millions) of individuals who face TRUE life and death survival struggles against rebel groups, militant militias and machete wielding gangs of rogue mercenaries. Somehow these people manage to struggle through their lives, protecting their familites and working to improve their situation. In most cases these individuals do not commit suicide or (as in the case of another recent executive story) kill all of their family members. The fact that a member of the elite upper classes didn't have the spine to bear life or that they may not want their own family to feel the "disgrace" so they murder them just shows how sick the ellitist corporate culture is.
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Caps
Apr 23, 09 10:30 AM CDT
professortech, how correct you are in your statement. Reply
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ethical_person
Apr 23, 09 12:14 PM CDT
Professortech: You have not the slightest idea of how this man lived, what drove him, how he saw his world, or why he would have killed himself. In this country, we don't have the rebels brandishing machetes (yet), militants militias, etc., so how can you begin to judge him against people in the world where that's their reality -- it isn't ours. Where are you from anyway? He was a member of the "elite" because he worked his way up there. No where has it been shown that he was a thief or a bad guy. It sounds like he inhertied a very bad situation and that he was totally overwhelmed and consumed by it. He was going without sleep, hounded by the press, pressured by the government (no lily-white hands there!), and he was not even a senior guy when the crap hit the fan. He was trying to do his job to the best of his abilities and getting nothing but disrespect and howling from the mobs about his $850,000 bonus-over-16-months, which he had well-earned. Do you work night and day under that kind of pressure? Somehow I doubt it. Let's wait until we learn more about his situation before we turn this story into your usual rant against people who have money. He actually sounds like he was one of the good guys, working night and day under tremendous pressure from the media, the government (no lily-white hands there !), the public -- he broke, it's that simple. Our culture is ours, not yours -- and without the corporate culture, there is no economic growth in this country -- or the world, for that matter. Maybe that's why we in the U.S. don't have to worry about militants and mercenaries -- most people here are just not that desperate. Reply
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jaguarj
Apr 24, 09 6:07 AM CDT
Why attack professortech..you don't know anymore than he does about the situation..if you're so ethical..sthu.
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