The Brian Sullivan Blog
  • April 22, 2009 07:40 AM EDT by Brian Sullivan

    Acting CFO of Freddie Mac Found Dead

    Story developing ...from the Wall Street Journal:

    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 suicide.

    WUSA-TV and WTOP Radio reported that David Kellermann was found dead in his Northern Virginia home. The 41-year-old Kellermann has been Freddie Mac's chief financial officer since September.

    Sabrina Ruck, a Fairfax County police spokesman, confirmed to the Associated Press that Mr. Kellermann was dead, but she could not confirm that he committed suicide.

    [David Kellermann]

    McLean, Va.-based Freddie Mac and sibling company Fannie Mae, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults and have received about $60 billion in combined federal aid.

    Mr. Kellermann was named acting chief financial officer in September 2008, after the resignation of Anthony "Buddy" Piszel, who stepped down after the September 2008 government takeover. The chief financial officer is responsible for the company's financial controls, financial reporting and oversight of the company's budget and financial planning.

joel bailey

My Sincere sadness Mr Kellermen chose this option, obvoious serious issues at work. Yet this event brings to mind, suicide of Clinton aid, odd, Commerce Secretary, travelgate, folks choosing jail and silence over turth, these kinds of never solved questions may occur with more frequency in the future I fear. Washington DC is not a healthy place as they sprill out more and more rules for our general welfare, ha.

April 24, 2009 at 12:49 pm

Andrea

His family home is not in a swanky DC suburb like the 22207 zipcode or Bethesda, or even Great Falls. It is in a nice middle class suburb, outside the beltway, nothing to boast about. I doubt if he ever got a 7 figure bonus. Before throwing stones at him, you all should research the facts. The real culprits are not the realtors or the brokers, they just seize the opportunities opened to them by Barney Franks, Chris Dodd, Frank Raines and the Obamas beloved brainchild which is ACORN. Out of the Fannie Mae debacle, Frank Raines walk out with 60 plus millions in severance pay, he should give it all back and be prosecuted for creating the crisis. But nobody dares to mention it because he is with the Obama's clique. All these people know what is happening with Fannie Mae and Freddie Mac, they lied about it and now blame it on Bush. The only mistake Bush did was not be more forceful about Congress overseeing these 2 organizations. Congress made the law about no credit check unlimited mortgage loans, not Bush, he does not have that kind of power. It is unprofessional and immoral of the current administration and the current Democrats congress to blame it on the Bush administration. But what do you expect from a bunch of sleaze bags who feel at home with the likes of Chavez, Castro.

April 23, 2009 at 2:03 pm

JohnC

It's time for Barney Frank to disappear. He started all this and now he acts like "who me?". He should be turned over to the courts and thrown out of government, never to return!

April 23, 2009 at 10:21 am

joe

you can only put so much torque on someone, before they break. I know things are not as good as they were, but I would rather suffer a bad day in the US than a good day in most any other country.

April 23, 2009 at 9:39 am

Tfmwa6

Those that have not experienced the depth and despair of circumstances at least somewhat similar to Mr. Kellermann's should keep their mouths shut. As a senior excecutive in a company that has "been there" I know of what I speak...and I am thankful I did not succomb to the demons that haunted Mr. Kellermann. "There but for the grace of God..." goes any one of us.

April 22, 2009 at 4:56 pm

paul j

Sorry for his family-I believe there is more of this to come. I"m a commercial real estate broker with 30+ yrs in the business, my mentor of 25 years, who always told me to take the high & straight road, sums up our world today in a question I recently asked him. When asked what he thought of this economic mess-his response" I never thought I would be alive when the truth was so hard to find." speaks volumes. Sad day in USA when a 72 yr old veteran/elected official/business owner/grandfather can make this comment about where we are today.

April 22, 2009 at 3:57 pm

larry

TO ME ALL THIS TRADGEDY STARTED LONG AGO IN THE 90,S OF THE HOUSEING BOOM AND TO ME AS A CONTRACTOR THIS CANCER WAS STARTED BY THE REAL ESTATE MARKET DRIVEING THE HOUSEING PRICES OUT OF THIS WORLD EVEN HAVEING A REALATIVE THAT IS A REALTOR HAS TOLD ME IT SHOULD BE A CRIME HOW MUCH MONEY THEY MAKE AND FROM THOSE DAYS TO TODAY HAVE COME DOWN ON ALL OF US THANKS REAL ESTATE WORLD.

April 22, 2009 at 2:23 pm

chuck

Having red the WSJ Kellerman just didn't strike me as a sucide type. The triggers appear to be various ones: SEC Investigations etc. The most likely scenerio I figure maybe the Sec has uncovered some fiancial irregulaarites. Irregularities while on his watch. But on the surface he didn't come across as the suicidal type.

April 22, 2009 at 1:31 pm

oops

This kind of smells funny. Call it gut instincts, call it the helicopter shot of this body bag being rushed into a government van, it just doesn't seem like normal protocol on "apparent" suicide?

April 22, 2009 at 12:52 pm

Jim Rives

My heart and prayers go out to the Kellerman family! The interesting thing to watch is to see how this is reported and responded to by the government leaders who destroyed his life. Another cost of the government thinking that they know better how to run free enterprise. My belief is that Barney Frank and his cohorts pushed for those not able to get loans to be able to do so through Fannie Mae and Freddie Mac. I grant that business got greedy once the barn door was open - but the point is that government did not know the consequences when they opened the mortgage door. Now they are pretending to know how to address the "cause" of the problem? I don't think so. What is apparent is that President Obama and his democratic lieutenants are now able to push the union bully tactics onto business. They are smiling from ear to ear to have found such an easy way to take over business and make us one big happy union. Free money is not free! We are going to pay for the choices being pushed on us from DC for the rest of our lives - and our children and grandchildren's lives. My prayer is for sanity and/or that someone will take this to the Supreme Court and that wisdom will prevail.

April 22, 2009 at 10:49 am

Ricky O'Shea

First of all: My condolences to his family. Kelly made a comment about how with all the bad news we sometimes forget how it affects the people involved. Well, we are all involved, now. How depressed was he when the company was being run into the ground and he was collecting his 7 figure bonuses? Why is the fact not reported that the ridiculous lending rules that caused the balloon market and the loans to undeserving people who could not afford them in the first place, was mandated by Clinton not a Bush problem.

April 22, 2009 at 9:48 am

andyK

I don't know the man or his abilities to run a company, but its a good example of the stress, government interference, and public outcry that would keep any qualified people from taking these jobs. And if the good ones wont take them that leaves the incompetent ones to step up and look where that got us now. Bigger is not better and these huge conglomerates need to be pared back down so that they are manageable on a local level. I cringe whenever there is a consolodation or merger. That only means more buerocracy and less control on the given product or service

April 22, 2009 at 9:34 am

chuck

Is a big scandal about to blow in the wind? or are huge losses coming? Why would an interim CEO commit suicide?

April 22, 2009 at 8:36 am

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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