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Freddie Mac CFO commits suicide

Discussion in 'Sports and News' started by old_tony, Apr 22, 2009.

  1. BYH

    BYH Active Member

    [​IMG]
     
  2. Smallpotatoes

    Smallpotatoes Well-Known Member

    Seriously, cut the shit. Politicians do not put out mob-like hits on people.
     
  3. schiezainc

    schiezainc Well-Known Member

    Tony, if it comes out that this guy supports gay marriage, I'm looking to you as the prime suspect.
     
  4. poindexter

    poindexter Well-Known Member

    He wasn't brought in in September. He's been at Freddie Mac since 1992.
    http://www.theglobeandmail.com/servlet/story/LAC.20090423.IBFREDDIEN23ART2112/TPStory/TPInternational/America/
     
  5. andyouare?

    andyouare? Guest

    Agrees with OT:

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    Last edited by a moderator: Dec 15, 2014
  6. RickStain

    RickStain Well-Known Member

    I don't understand why everyone assumes this was related to his job?
     
  7. Bob Cook

    Bob Cook Active Member

    It could be related to his job only in the sense that its pressures could have exacerbated any depression he already had. An otherwise untroubled person doesn't suddenly decide to kill himself or herself over money. It seems like in any story you hear about a suicide or murder-suicide where it mentions family debts or other financial troubles, it's quickly followed by a note that the perpetrator had battled depression.
     
  8. Armchair_QB

    Armchair_QB Well-Known Member

    However, financial issues are often significant factor in depression to begin with. So in the end money problems would be a primary cause.
     
  9. poindexter

    poindexter Well-Known Member

    Considering the lying, subterfuge, and lord knows what else goes on in the world of high finance and government
    http://finance.yahoo.com/news/WSJ-BofA-CEO-says-was-told-to-apf-15011695.html?sec=topStories&pos=7&asset=&ccode=

    I'm more than down with a conspiracy theory. Without Fannie or Freddie the banking system will collapse. Maybe he was blowing the whistle on what a disaster it really is and the CIA (after a directive from Turbo Timmy or henchman) made it look like a suicide.
     
  10. poindexter

    poindexter Well-Known Member

    Lets look a little more in depth at what Ken Lewis, B of A CEO, said in testimony yesterday:
    Hank is Hank Paulson.
    Mr. Lewis: I remember, for some reason, we wanted to follow up and see if any progress -- as I recall, we actually, had not agreed to call a MAC [material adverse condition] after the conversation that we had, and so I tried to get in touch with Hank, and, as I recall, I got a number that was somebody at the Treasury kind of guard-like thing. He had a number for Hank, and Hank was out, I think, on his bike, and he -- this is vague; I won't get the words exactly right -- and he said, "I'm going to be very blunt, we're very supportive of Bank of America and we want to be of help, but" -- I recall him saying "the government," but that may or may not be the case -- "does not feel it's in your best interest for you to call a MAC, and that we feel strongly," -- I can't recall if he said "we would remove the board and management if you called it" or if he said "we would do it if you intended to." I don't remember which one it was, before or after, and I said, "Hank, let's deescalate this for a while. Let me talk to our board." And the board's reaction was one of "That threat, okay, do it. That would be systemic risk."

    Q: Did you ask for any agreement from them?

    Mr. Lewis: There was a point after that that the board brought up the fact that we're relying on the words that obviously has some very prominent people and honorable people, but, boy, what if they don't come through? So I called Bernanke -- I don't know why I called him versus Hank -- and said, "Would you be willing to put something in writing?" And he said, "Let me think about it." As I recall, he didn't call me back, but Hank called me back. And Hank said two things: He said, "First, it would be so watered down, it wouldn't be as strong as what we were going to say to you verbally, and secondly this would be a disclosable event and we do not want a disclosable event."


    In layman's terms, Lewis wanted to disclose the purchase of Merrill Lynch as a material adverse event - as required by law.

    Hank told him that if he disclosed this information, he and the board would be replaced - a threat.

    With as much shit as Freddie Mac is in, the stakes are much much higher. The top levels of the government (if you are to believe Lewis) threatened his job, and told him to hold required disclosures back.

    Once the threats start, its not hard for me to conceive that perhaps the Freddie CFO had bigger threats made to him.

    Tin foil stuff? Probably. But I don't put anything by our government anymore.
     
  11. Mark2010

    Mark2010 Active Member

    That first sentence I can vouch for. Given the current state of things, I bet there are millions of people suffering from depression.

    And, yeah, millionaires aren't immune. I recall the story of the billionaire guy in Germany who jumped in front of a train after his stock portfolio took a nosedive last year.
     
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