Freddie Mac's acting CFO found dead

[fallout man]

We don't know what drove him to this. It could have been some deeply personal/family matter that added just too much to the pressure of shouldering his responsibilities.

Real crooks don't off themselves when they can retire, wipe their hands clean, and live on a yacht for the rest of their days. I'm sure that this guy was able to do just that regardless of his involvement in the financial disaster. Bernie Maddoff smiles all the way to the courthouse, while one of his fund-manager clients in France kills himself after realizing that he indirectly ruined his clients' lives by investing with Bernie.

I would just express my condolences to his family and friends, and hold the bitter jumping to conclusions until some concrete facts emerge.

 

[dullard]

Originally posted by: Pneumothorax
Why would a 41 year old with a family take himself out? Doesn't really make a lot of sense to me...

That is the exact time when many people commit suicide. All people that I knew that did it fit that category perfectly: white male, successful but stressful job, age in the 40s, with a family. Sounds exactly like this CFO. Usually it is also associated with depression and family problems (probably triggered by the stressful job).

Suicide breakdown by age groups (scroll down). You'll see that suicide has two peaks: around age 35-54 and age 75+. For example, here are the numbers from 2001 in that link:

Age: Rate per 100,000 peoplle
5-14: 0.7
15-24: 9.9
25-34: 12.8
35-44: 14.7
45-54: 15.2
55-64: 13.1
65-74: 13.3
75-84: 17.4
85+: 17.5

I highlighted the two groups that are most vulnerable. This CFO fits right in the middle of one of them.

 

[Acanthus]

Originally posted by: Thump553

Originally posted by: nobodyknows
Now that's what I call a well deserved "bonus".

RIP

Pretty tacky. This guy stepped into the situation after it fell apart and was trying to remedy it.

That's like wishing a fireman dies in a fire.

He was the head accountant for over a decade before taking over as CFO.

 

[ProfJohn]

Originally posted by: Craig234

Originally posted by: Dari
You do realize that it may only be money to you but this financial crisis has taken many people to the brink- and beyond. Other people have lost their lives over their sudden poverty because of this crisis so it's kind of hard to feel sorry for some people responsible for it.

We liberals have spent years trying to passionately warn others who put those people in power of the dangers; it could be an 'I told you so', but that's pretty pointless.

Maybe you should send that "I told you so" Barney Frank and the other Democrats who blocked attempts to reign in Freddie Mac a few years ago. :roll:

Barney Frank:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' and ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

 

[Dari]

Originally posted by: ProfJohn

Originally posted by: Craig234

Originally posted by: Dari
You do realize that it may only be money to you but this financial crisis has taken many people to the brink- and beyond. Other people have lost their lives over their sudden poverty because of this crisis so it's kind of hard to feel sorry for some people responsible for it.

We liberals have spent years trying to passionately warn others who put those people in power of the dangers; it could be an 'I told you so', but that's pretty pointless.

Maybe you should send that "I told you so" Barney Frank and the other Democrats who blocked attempts to reign in Freddie Mac a few years ago. :roll:

Barney Frank:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' and ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Well, considering he was sleeping with one of the (male) executives, his jusdgement was impaired.

 

[Craig234]

Originally posted by: ProfJohn
Maybe you should send that "I told you so" Barney Frank and the other Democrats who blocked attempts to reign in Freddie Mac a few years ago. :roll:

Barney Frank:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' and ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

I'm not entirely familiar with Frank's record, but it appears mixed. You, as usual, cherry pick the points that support your ideology, rather than provide any honest balance.

I won't say how accurate Frank is as he describes his history on the issue, but if he is completely one-sided, that would balance you nicely. His statement in a discussion:

The answer is yes I do take responsibility for something. In 2006, the Republican appointed Chairman of the SEC, who was forced out by George W. Bush because he was too much of a regulator, Bill Donaldson tried to get control of, tried to make hedge funds register. The courts overturned him. They were right because he was bending the statute. He was right on public policy and wrong on the law.

I immediately filed a bill in 2006 when I was still in the minority to say hedge funds should be registered. In 2007, I was approached by people who said, "No. No, you can't do too much regulation." And I backed off. I wish I hadn't.

But as far as your question that the sub-prime thing happened on my watch I think it is fair to ask what you think I should have done. You said I was critical of a stimulus bill a year later but that didn't cause the sub-prime crisis. My criticism of the stimulus bill? People said, "Oh my G-d, he's being critical. Let's default." I mean I don't understand. The point is, excuse me. (again shouting) Here's what happened under my watch. I became Chairman on January ? and this is the right-wing attack on liberals to try and stop regulation that you are repeating. On January 31st, I became the Chairman. On March 28th, the Committee passed a very tough Fannie/Freddie bill which the Bush Administration liked. Later that year, in November, we passed a bill to restrict sub-prime lending. Because we did the sub-prime lending restrictions, Ben Bernanke, the Chairman of the Federal Reserve, did what Alan Greenspan refused to do and said, "O.K., I'll do that."

 

[dahunan]

Originally posted by: ProfJohn

Originally posted by: nobodyknows

Originally posted by: ProfJohn

Originally posted by: nobodyknows
Now that's what I call a well deserved "bonus".

RIP

You are a worthless person and on attempt to explain away your comment will be sufficient.

I don't expect most of you to be capable of seeing the poetic justice involved here.

What justice?? This isn't a criminal. His only crime is being greedy, and if that crime is punishable by death then nearly everyone who made this a great country should have killed themselves.

OMFG... Greedy? that is all?

I guess you are one of those who would sentence the armed robber longer years than a man who steals billions of dollars?

 

[Craig234]

Originally posted by: dahunan

Originally posted by: ProfJohn

Originally posted by: nobodyknows

Originally posted by: ProfJohn

Originally posted by: nobodyknows
Now that's what I call a well deserved "bonus".

RIP

You are a worthless person and on attempt to explain away your comment will be sufficient.

I don't expect most of you to be capable of seeing the poetic justice involved here.

What justice?? This isn't a criminal. His only crime is being greedy, and if that crime is punishable by death then nearly everyone who made this a great country should have killed themselves.

OMFG... Greedy? that is all?

I guess you are one of those who would sentence the armed robber longer years than a man who steals billions of dollars?

But, the armed robber commits a *violent* act by pointing a gun or weapon to demand payment, while the guy who steals billions doesn't do anything *violent*.

Oh, ya, except cause great harm to countless people, perhaps effects from losing their home to being unable to pay for medical care. Non-violent, white-collar crime.

I've long felt that large dollar amount white-collar crimes are treated much too softly in comparison to low-dollar crimes.

 

[ProfJohn]

There is NO evidence that this guy committed a crime though.

If we were talking about Madof or Ken Lay etc then you might have a point. But there is NO evidence at all that this guy did anything morally wrong.

Maybe he was involved in some bad business decisions, but since when do we line up CEOs and execute them for making mistakes?

 

[nobodyknows]

Originally posted by: ProfJohn
There is NO evidence that this guy committed a crime though.

If we were talking about Madof or Ken Lay etc then you might have a point. But there is NO evidence at all that this guy did anything morally wrong.

Maybe he was involved in some bad business decisions, but since when do we line up CEOs and execute them for making mistakes?

WTF are you babbling about?? We didn't kill him, he killed himself. I'm sure he had his reasons, whatever they were.

 

[Thump553]

PJ was talking about the cruel and cynical comments in this thread celebrating that this guy killed himself.

No job or amount of compensation is worth it if the stress/overworking will drive you to suicide, especially someone with a young child like this.

 

[nobodyknows]

Originally posted by: Thump553
PJ was talking about the cruel and cynical comments in this thread celebrating that this guy killed himself.

No job or amount of compensation is worth it if the stress/overworking will drive you to suicide, especially someone with a young child like this.

Nobody is lining up CEO's and executing them so PJ is full of it as usual.

As far as this incident goes, LMK quote your sig, "Things happen". Maybe this fellow bit off more then he could chew (enticed by his $850,000 bonus) but he could have quit or gotten help of some kind? Not everybody has the options available to them that he did so I find it hard to sympathize/identify with him. I'm sure he would have cared less about my situation too, so I can live with it.

 

[trooper11]

Originally posted by: Craig234

We liberals have spent years trying to passionately warn others who put those people in power of the dangers; it could be an 'I told you so', but that's pretty pointless.

That hasnt been just liberals waving that flag. We need to make sure the people in power (in government and the private sector) are held toa high standard and that we are vigilent in taking them to task about the choices they make.


In the case of Freddy and Fannie, you have a siutation where both government and the private sector failed and both should be taken to task for it. Only then can progress be made.

 

[Craig234]

Originally posted by: nobodyknows
As far as this incident goes, LMK quote your sig, "Things happen". Maybe this fellow bit off more then he could chew (enticed by his $850,000 bonus) but he could have quit or gotten help of some kind? Not everybody has the options available to them that he did so I find it hard to sympathize/identify with him. I'm sure he would have cared less about my situation too, so I can live with it.

How typical of the worst right-wing thinking - the apathy, the amorality, the bad logic and lack of understanding and empathy.

Not all or most right-wingers are this resembling of socioipathic views, but that is one strain I see too much of.

 

[trooper11]

Originally posted by: Craig234


How typical of the worst right-wing thinking - the apathy, the amorality, the bad logic and lack of understanding and empathy.

Not all or most right-wingers are this resembling of socioipathic views, but that is one strain I see too much of.

At least you admit that represents a small fraction of 'right-wingers'. The reason you hear more of them (just like the extreme left) is becuase they tend to speak the loudest.


Anyway, this whole situation is sad really. The country was stired up into a frenzy over this, that has lead to some questionable moves by our government and some gross over-reactions by people. In this environment, getting people so angry that it leads to hate for other citizens, should be avoided. Unfortunately, like most adminstrations, it seems getting people in a frenzy is a powerful political tactic. (not that blame isnt deserved, but they should be aware of what their tactics will lead to)

 

[Andrew1990]

Better him than me.

Survival of the fittest, and he was not fit enough to live. No one but himself is to blame for his death, and suicide is the most shameful way of dieing.

 

[Craig234]

Originally posted by: Andrew1990
Better him than me.

I'm not so sure. But better neither of you.

Survival of the fittest, and he was not fit enough to live. No one but himself is to blame for his death, and suicide is the most shameful way of dieing.

What a misguided, short-sighted, evil, undeveloped, ignorant, unhelpful view.