That probably goes without saying, and apparently discussions of this nature and speculations as to why he did it are "way over the line," but we're going to have them anyway. The Times reports that the Freddie Mac CFO was working nonstop, losing weight, felt someone was "always angry with him," and finding it "impossible to appease everyone -- regulators, lawmakers, investors and other executives -- given their competing demands."
And no matter how many hours everyone worked, it seemed as if the economy and homeowners were still slipping farther into the abyss.
Mr. Kellermann was also working in a poisonous political atmosphere. In addition to taking criticism over the bonuses, he was recently involved in tense conversations with the company's federal regulator over its routine financial disclosures, according to people close to those discussions who also spoke on condition of anonymity. Freddie Mac executives wanted to emphasize to investors that they believed the company was being run to benefit the government, rather than shareholders. The company's regulator, the Federal Housing Finance Authority, had pushed to play down that language. Freddie Mac reported to the Securities and Exchange Commission that changes it had made in practices to help the government "have increased our expenses or caused us to forgo revenue opportunities."
"The pressure right now is relentless," said a Freddie Mac executive who spoke on condition of anonymity because he was not authorized to speak. "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."