Wednesday, April 22, 2009

Suicide for Financial Institutions That Take Government Money

Last month the jackassley Senator from Iowa, Chuck Grassley, suggested that, with regard to the government bailouts,

The first thing that would make me feel a little bit better towards them, if they had followed the Japanese example and come before the American people and take that deep bow and say, "I'm sorry," and then either do one of two things, resign or go commit suicide.


Well, today it turns out the acting chief financial officer (CFO) of Freddie Mac took the senator's advice:

David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his home Wednesday morning in what police said was an apparent suicide.
...
McLean-based Freddie Mac has been criticized heavily for reckless business practices that some argue contributed to the housing and financial crisis. Freddic Mac is a government-controlled company that owns or guarantees about 13 million home loans. CEO David Moffett resigned last month.


But Senator Grassley wasn't talking about executives at Freddie Mac or Fannie Mae- he was talking about AIG:

Well, I think you're smart enough — I know you're smart enough to know rhetoric, but I am very sincere when I bring into the argument about corporate culture in America that it would do the taxpayers a lot of — make the taxpayers feel a lot better, it'd make me feel a lot better if our corporate structure would adopt that culture from Japan for the reason that I have not heard anybody apologize for running the corporation or the financial institution or the bank into the ground, and AIG is just one example of it.


So even though it's not quite the suicide that senator Grassley was hoping for, do you think he's at least a little happier this morning?

Meanwhile, should we expect more suicides, perhaps from senators and representatives who left the country open to fraud and "potential unfairness to the taxpayer"?

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