Freddie Mac Interim CFO David Kellerman Found Dead

Another apparent cost of the worsening economic in our country has occurred. This time it is collateral damage instead of financial loss. David Kellerman, acting Chief Financial Officer for Freddie Mac, was found dead, possibly from suicide.

Dawn Kopecki and Jody Shenn in their article "Freddie Mac Acting CFO Found Dead (Update 4)" write that Kellerman, 41, was found early April 22, 2009 at his home. The article, posted on Bloomberg.com, said that there was no apparent foul play. However Kellerman's wife indicated it was a suicide.

An autopsy will be performed and the results should be available late afternoon.

Kellerman had been considered extremely competent as a comptroller before being promoted to the interim CFO slot.

As the article goes on to report, Freddie Mac misstated profits to the tune of $5 million to make their earnings more predictable but that action was found in 2003 and they were made to restate their earnings honestly. They were simply the "poster company" for what was going on across the company.

In 2006 Kellerman was promoted to oversee the repair work of the misstatement and to set policies.

Of note is that he was not named as a person who had done something wrong in 2003. Further, when then government took over in 2008, he was left at his post.

John Koskinen, Freddie Mac's interim chief executive officer, was quoted in the article as saying "He (Kellerman) will be most remembered for his affability, his personal warmth, his sense of humor and his quick wit."

Koskinen had previously alluded to Kellerman's excellent work ethic.

A neighbor said that the Kellerman family was down to earth.

One can't be dogmatic about the suicide. Of course his wife should have a pretty good idea.

When I was 11-years-old a 16-year-old from my neighborhood quit school (you could do that without much hassle in those days) and joined the Navy. He had beaten me up a couple of times so I was happy to see him go.

He came back after basic training and didn't come around the neighborhood much.

One day he was with a friend "playing with a gun" that he had gotten his hands on. Ultimately he shot himself in the stomach and died on the operating room table.

It seemed like an accident to me.

There was a police officer outside of his house after the shooting just sitting with his head in his hands. Many of us had gathered around his house because we played with his younger brother. We asked the policeman how it happened and he just shook his head and said."I wouldn't be surprised if he wanted to shoot himself."

We all thought that the cop was mean until it came out that our "friend" from the Navy had been AWOL for three weeks.

As a friend of mine once said "People do things for their reasons, not ours."

Reference:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLIE60v6HwXA&refer=home