In a piece on the apparent suicide of David Kellerman, the chief financial officer of Freddie Mac, the NYT told readers that: "The roots and causes of suicide are often unclear. It is not known if Mr. Kellermann succumbed to the pressures of his job. But in the aftermath of his death, it is plain that at Freddie Mac, as at many of the companies in the center of this economic storm, there are forces so strong they can overwhelm almost anyone. At General Motors, executives are fighting to save a company that has cut their salaries and suspended their vacations. On Wall Street, professionals are demonized and then asked to work overtime to repair the damage colleagues have wrought. These professionals may not deserve tears, particularly compared to the millions of Americans who have lost their jobs and their homes. But Mr. Kellermann’s death is a reminder that those suffering in this crisis reside in every neighborhood, from the squalid to the opulent." It is hard to understand how these statements appeared in a news story. The article is speculating on issues about which it has no factual information. These comments might be appropriate for an oped, but they are not news. As a factual matter, it is worth noting that almost all the executives with whom the article would like us to sympathize could quit their jobs tomorrow and enjoy a higher standard of living than most people, even if they never worked again. In the specific case of Freddie Mac, it is astounding that these people did not see the housing bubble. Housing is all they do. Workers in other areas who showed such extraordinary incompetence would typically be fired without a moment's hesitation. However, relatively few people at Freddie Mac or Fannie Mae were fired.
--Dean Baker