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Suicide Banker's Widow Blasts Alleged "Cover-Up", Asks "Unbecoming Questions"

Tyler Durden's picture




 

Having changed her Facebook profile picture to a "V...for Vendetta" face mask, the widow of former Zurich Insurance CFO Pierre Wauthier said she and her family cannot accept Zurich’s claim that his death wasn’t brought on by undue stress. As Bloomberg reports, Switzerland’s biggest insurer said in November that no “undue pressure” was put on Wauthier, who said in a suicide note that then-Chairman Josef Ackermann had created an unbearable working environment. But, his wife is demanding to know why her husband's former boss resigned if he had not accepted blame for the death, and why details of tensions at work were not made public. Her anger is clear, as she blasted "I am not worth talking to... or is it that I would raise unbecoming questions????"

 

As Bloomberg reports, more than seven months after the suicide of Zurich Insurance Group AG (ZURN) Chief Financial Officer Pierre Wauthier, his widow said she and her family cannot accept Zurich’s claim that his death wasn’t brought on by undue stress.

We who knew him best cannot accept your conclusion that his suicide is simply inexplicable,” said Fabienne Wauthier, speaking at the insurer’s annual general meeting in Zurich today, which she attended together with her daughter, mother-in-law and brother-in-law.

 

Switzerland’s biggest insurer said in November that no “undue pressure” was put on Wauthier, who said in a suicide note that then-Chairman Josef Ackermann had created an unbearable working environment. The Aug. 26 suicide, which prompted Ackermann to resign, raised doubts about Zurich Insurance’s financial health, prompting it to review its earnings statements and commission an investigation into the relations between executives and the supervisory board.

The dead banker's widow is not buying Zurich's 'cover-up'...

Zurich Insurance should explain exactly why Ackermann stepped down, if he had not accepted blame for the death, and why details of tensions at work were not made public, Wauthier told shareholders.

 

She changed her Facebook profile picture to a face mask labeled “V...like Vendetta” on Dec. 16, the day after SonntagsZeitung published an interview with new Chairman Tom de Swaan in which he said he never had contact with her. She re-posted the article on Facebook the same day with the comment “Yep, that’s true. I am not worth talking to... or is it that I would raise unbecoming questions????”

 

...

 

“We sincerely wish we could believe” that Zurich has improved, “but the way it handled Pierre’s suicide is a sign that unaccountability remains part of Zurich’s corporate culture,” she said today.

 

Before his death, Wauthier had met with the human resources department after his team reported that he was suffering from excessive stress, she told Reuters yesterday.

And, as Bloomberg continues, Wauthier had even called out Ackermann specifically in his suicide note...

In a typed and signed suicide note, under the heading “to whom it may concern,” Wauthier had criticized Ackermann. He stepped down a few days later, saying the allegations that he bore some responsibility for the suicide were “unfounded.”

 

“I find it important and am thankful that we and the responsible authorities examined the circumstances very conscientiously and thoroughly,” de Swaan told shareholders. “We did not have any indication that Pierre was contemplating such a step. It remains a tragedy and we lost a very valued colleague.”

Zurich Insurance has launched an internal probe...

An internal investigation by Zurich Insurance involved evaluating “numerous documents and correspondence,” while questioning individuals who worked with the former CFO.

A separate review held by the company into its financial statements showed that they were “appropriate.” The reviews were conducted under the direction of Swiss financial markets regulator Finma.

Meanwhile, the insurer is planning $250 million annual cost cuts, and slashing as many as 800 jobs as it removes various mamagement layers... not 'stressful' at all...

 

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Thu, 04/03/2014 - 11:15 | 4621230 naughtius maximus
naughtius maximus's picture

Shhh the dead are not supposed to talk. That was the whole point!

Thu, 04/03/2014 - 11:17 | 4621238 CH1
CH1's picture

Ackermann is a consumate insider.

Nasty skeletons in that closet.

Thu, 04/03/2014 - 11:31 | 4621297 NotApplicable
NotApplicable's picture

Typed and signed suicide note.

LOL, riiiiight.

 

Thu, 04/03/2014 - 11:32 | 4621304 kliguy38
kliguy38's picture

She needs to learn to keep her mouth shut.......this shit can destroy CONfidence

Thu, 04/03/2014 - 11:35 | 4621314 RafterManFMJ
RafterManFMJ's picture

She's going to talk her way into a shallow grave.

Thu, 04/03/2014 - 12:03 | 4621343 Thought Processor
Thought Processor's picture

 

 

Unbecoming Questions which may shed light in the age of darkness.

 

Their greatest fear is that it will be brought into the light for all to see.

 

 

 

Thu, 04/03/2014 - 17:47 | 4622774 mumbo.jumbo
mumbo.jumbo's picture

i wonder how much she was pushing him to bring home a banker salary...

maybe it's due to the evil boss, but he may not have been alone.

Thu, 04/03/2014 - 11:39 | 4621313 Ignatius
Ignatius's picture

This is just but another example of "dangerous conspiracy theories" that Cass Sunstein warns us about and how the public mind must be guarded against, less the people become anxious and unproductive.

http://www.youtube.com/watch?v=h2Aw3UVUogU

Thu, 04/03/2014 - 12:24 | 4621457 JR
JR's picture

Cover up is not a part of a conspiracy theory; cover up is a part of conspiracy (without the theory).

The often disclaimed idea that there is a Jewish conspiracy to control the financial systems of the western world leading to a world government these days gains adherents as when Jewish families own the central bank of the United States and now fill most all the major financial positions in regulatory agencies with political leverage posts in Washington, DC.

In a 2012 NY Times article,  Deutsche Bank’s Chief Casts Long Shadow in Europe,  the authors observed that it is no secret where Jewish financial bankers' allegiance lie: “with the banks.”

While chief executive of Europe’s largest bank, Deutsche Bank, Josef Ackermann was designated as “the most powerful banker in Europe and, depending on whom you ask, possibly the most dangerous one, too.” Ackermann is the man who helped his Jewish counterpart, ECB’s Jean-Claude Trichet  “shape Europe’s economic and financial future. “

Thu, 04/03/2014 - 11:44 | 4621348 outamyeffinway
outamyeffinway's picture

Those "internal investigations" always are so enlightening.

Thu, 04/03/2014 - 12:23 | 4621453 Urban Redneck
Urban Redneck's picture

If he was Swiss- a typed suicide note would be in order, but Wauthier was French, not Swiss.

Thu, 04/03/2014 - 11:40 | 4621334 Payne
Payne's picture

All the insurance companies are broke from the Fraud Real Estate and they have been killed in CA and other states where agents sign up people on free life insurance for 1 year or 2 and after the commissions stop paying for the policy they stop payments.  Really is crap for the P & L.  Commissions are 130% of 1st year premiums.  They are getting wise to this but keeping it quiet.

 

 

Thu, 04/03/2014 - 11:20 | 4621245 Dr. Engali
Dr. Engali's picture

You have our sincere condolences. Here have a Spider-man towel and a nail gun. We'll talk again tomorrow mam.

Thu, 04/03/2014 - 11:20 | 4621256 Capitalist
Capitalist's picture

LOL Bankia tactics have been adopted by the Swiss?

Thu, 04/03/2014 - 11:20 | 4621257 Cacete de Ouro
Cacete de Ouro's picture

There is something rotten in the State of Zurich

Thu, 04/03/2014 - 11:25 | 4621275 Oh regional Indian
Oh regional Indian's picture

Currency moves to unseen currents....you handle too much of it, you better know what moves it.

Too much and it has a mind of it's own. That and the fact that insurance is the devil's business make for a potent brew.

ori

Thu, 04/03/2014 - 12:06 | 4621412 Spastica Rex
Spastica Rex's picture

Faustian brew.

Thu, 04/03/2014 - 12:59 | 4621561 Oh regional Indian
Oh regional Indian's picture

Word....

Thu, 04/03/2014 - 11:27 | 4621284 Budd aka Sidewinder
Budd aka Sidewinder's picture

Few people that rise to his level commit suicide due to stress.  Most of them thrive on stress.

Men like him commit suicide because there are extremely embarrassing revelations coming out about them ie they are about to get tossed under the bus to cover up malfeasance.

Thu, 04/03/2014 - 11:37 | 4621326 Bankstein Swiss...
Bankstein Swissgoldberg's picture

i completely agree. makes me wonder if he really suicided. These people know how to manage themselves. Rich enough to stop working. Connected enough to get another great job.

 

Why!!

Thu, 04/03/2014 - 11:41 | 4621340 Budd aka Sidewinder
Budd aka Sidewinder's picture

You'd probably be amazed at how much child pornography 'ends up' on someone's work computer when management doesn't want somebody around any longer for whatever reason

Thu, 04/03/2014 - 11:27 | 4621286 onewayticket2
onewayticket2's picture

"the money has been wired....now shut up!"

love,

Zurich acting CFO

Thu, 04/03/2014 - 11:30 | 4621287 Save_America1st
Save_America1st's picture

well, all bankster bashing aside and not really knowing the whole story...I don't see how a company is to blame if some dude can't take the heat and truly offs himself, i.e. isn't "suicided" by way of nail-gun, etc.

If that guy felt he had to kill himself because of job stress, well that's his problem.  I feel bad for his wife and family and all that.  But what is a company supposed to do if an individual decides to eat a bullet because of job stress?  That means there's more going on in that dude's life than he was willing to admit to anyone else and he took it with him.

Some people just can't hack it...or maybe he was guilty of some other sick shit that we'll never know about and even he couldn't live with himself over it.  Who knows? 

But that's just how it goes.  Some people just aren't sociopathic and psychopathic enough to handle their demons.  Too bad that's not the case with obama and the rest of those fucking treasonous CONgress critters.  If any of them ever had a touch of guilt from the sick and twisted shit they pull on a daily basis we'd have a major suicide epidemic in D.C.

Can't say that'd be a bad thing either...I know I wouldn't be bummed out if some of those scumbags in D.C. decided to rid the world of their existence.

Thu, 04/03/2014 - 12:11 | 4621430 Colonel Klink
Colonel Klink's picture

Unless he was instructed to "off" himself before something tragic happened to his family.

Thu, 04/03/2014 - 11:29 | 4621293 3.7.77
3.7.77's picture

What do they say about a woman scorn, good for her.

Thu, 04/03/2014 - 11:47 | 4621354 kito
kito's picture

she wants to blame everybody but her husband. he made the choice to do what he did. there are the edward snowdens of the world, who take on the beast directly, and then there are the bankers who hang themselves. not good for her. bad for her. 

Thu, 04/03/2014 - 11:59 | 4621391 insanelysane
insanelysane's picture

I agree.  He could have just walked away from the job.  People don't want the stress or the hassle but they want the salary.  My wife is the same way.  Completely hates her job and stressed out.  We both make decent incomes.  I've told her repeatedly to quit and I am willing to live on less.  She just won't do it because she won't live on less.

Thu, 04/03/2014 - 12:33 | 4621476 fonzannoon
fonzannoon's picture

"Meanwhile, the insurer is planning $250 million annual cost cuts, and slashing as many as 800 jobs as it removes various mamagement layers... not 'stressful' at all..."

 

I'm a little confused. Are we going with the narrative that these guys are killng themselves because they can't handle the stress and guilt of having to lay off fellow employees in such tough economic times...or they are killing themselves because they can't handle the stress and guilt of knowing the leverage and derivitaves in the system is just about to implode under it's one weight and fingers will be pointed at them?

Thu, 04/03/2014 - 13:18 | 4621628 Duke Dog
Duke Dog's picture

You are very a fortunate man for at least having an honest wife. You could very easily end up in the worst of both Worlds - I've seen it happen with both voluntary and involuntary loss of jobs (both men and woman).

The income goes away, but the spouse losing the job continues the mass consumption. Usually, bankruptcy is only 2/3 years away.

Thu, 04/03/2014 - 11:31 | 4621301 Son of Captain Nemo
Son of Captain Nemo's picture

"Having changed her Facebook profile picture to a "V...for Vendetta" face mask, the widow of former Zurich Insurance CFO Pierre Wauthier said she and her family cannot accept Zurich’s claim that his death wasn’t brought on by undue stress."

Will you be taking your bribe Madam in 1,000 ounces of gold or 6,000 ounces of silver?...

Thu, 04/03/2014 - 11:36 | 4621315 booboo
booboo's picture

"You might want to put some ice on that"
Bill Clinton

Thu, 04/03/2014 - 12:12 | 4621429 Cacete de Ouro
Cacete de Ouro's picture

Here is a story about Clinton that was told by one of his head Secret Service security detail to someone who told it to me. One night while Clinton was in his hotel room somewhere, a Secret Service guy was on duty outside the room and began to here various vague noises such as moaning and other strange sounds. As he listened he became anxious that there might be something wrong, however he did not want to disturb the president without due cause. So instead he hurried along the corridor to the room where the other Secret Service guys were hanging out relaxing. When he told his story they all said "what the fuck" and jumped up thinking it was a kidnap situation, and ran to Clinton's room and burst in. According to the story, Bill was sitting naked on the end of the bed looking at an "in house entertainment selection" and ...you get the picture.

Thu, 04/03/2014 - 12:27 | 4621460 Ignorance is bliss
Ignorance is bliss's picture

What's the man to do when there aren't any congressional aids around?

Thu, 04/03/2014 - 17:03 | 4622607 roadhazard
roadhazard's picture

That's the First Gentleman in waiting you are slurring. lol, I can imagine the posts if that happens.

Thu, 04/03/2014 - 11:36 | 4621319 xamax
xamax's picture

Having followed this case closely, it seema clear the resignation of Ackermann is the best prove Zürich was afraid of claims....
A very sad story but it is actually surprising it doesnt happen more often given the climate in companies......and only becoz some fat cats at wallstreet will be always wealthier....

Thu, 04/03/2014 - 11:46 | 4621352 Smiley
Smiley's picture

The banksters in dark robes have all chanted "For the greater good" in unified chorus.  The matter is deemed closed. 

Thu, 04/03/2014 - 11:49 | 4621360 Kirk2NCC1701
Kirk2NCC1701's picture

Remember UWE BARSCHEL, and The Barschel Affaire.  It's "Germany's JFK".

He too had allegedly commited suicide in a fancy Geneva hotel room.  German hi-power politics, missing millions, allegations of arms dealing, claims about a certain kosher ME intelligence service having assisted his departure.  If you do some research and put on your Sherlock Holmes hat, you spot all kinds of irregularities and anomalies about the case.  Especially if you're German speaking and can sift through the info.  Some German investigative journalist - not working for a MSM news -- should investigate, and make a robust case for what is an obvious conspiracy & coverup.

 

Thu, 04/03/2014 - 11:49 | 4621362 yogibear
yogibear's picture

Banks have increased their nail gun orders. 

Thu, 04/03/2014 - 11:49 | 4621365 dexter_morgan
dexter_morgan's picture

I've lost count - how many banker 'suicides' so far? Still only one via nailgun?

Thu, 04/03/2014 - 12:09 | 4621420 Colonel Klink
Colonel Klink's picture

Stay away from bathtubs and electrical appliances lady!  You might just get "accidented".

Thu, 04/03/2014 - 12:09 | 4621425 detached.amusement
detached.amusement's picture

If I were her I'd keep at it even if it meant going to the grave also.  People gotta stand up.  If she really loved her husband, she owes him that, and well, anyone in such a position owes it to the world, just as Snowden felt he owed it to the US and to the world to speak up.

Thu, 04/03/2014 - 12:14 | 4621435 williambanzai7
williambanzai7's picture

Let's all chip in and buy a nail gun for Ackerman.

Thu, 04/03/2014 - 12:35 | 4621481 Duke of Earl
Duke of Earl's picture

The mask is Guy Fawke's, not a "V...for Vendetta" Mask.

Thu, 04/03/2014 - 12:46 | 4621511 Gamma735
Gamma735's picture

The lack of historical context astounds me.

Thu, 04/03/2014 - 14:02 | 4621858 The Abstraction...
The Abstraction of Justice's picture

Guy Fawkes was a Catholic usurper who wanted a papist on the throne of England, not somebody to honour.

 

www.kingoftherepublic.com

Thu, 04/03/2014 - 16:12 | 4622466 Duke of Earl
Duke of Earl's picture

It is difficult, if not impossible, for me to care about which religion a king has.  What is being honored is the audacity of a man brazen enough to try to blow up parliament.

That said, I'm far from an expert on Guy Fawke's...

Thu, 04/03/2014 - 18:03 | 4622866 The Abstraction...
The Abstraction of Justice's picture

He was there to replace Protestants with Catholics in an age before constiutinal republicanism.

Thu, 04/03/2014 - 12:46 | 4621512 Paracelsus
Paracelsus's picture

I remember during the Contra stuff in Central America there was this cargo kicker,Eugene Hasenfus,who had his own parachute,and was the only survivor of a contra cargo flight brought down by a shoulder fired Strela missle.

The "Company" left him to rot in the hoosegow for a couple of months before he started singing his ass off.I don't blame him.

One or two bankers jumping would be acceptable.This is different.Sadly I think there was a chance to pull back before the 2008 crash/bailout and possibly avoid a disastrous war.Now not so sure.I'm reminded of those signs in Pubs,"Please don't ask for credit,refusal may offend".The US is done,stick a fork in it....

Thu, 04/03/2014 - 12:48 | 4621518 silentboom
silentboom's picture

I thought this might be a story about someone being killed, but it seems even his widow thinks he couldn't hndle the pressure.  In this case he and only he is responsible unless we find out otherwise.

Thu, 04/03/2014 - 13:05 | 4621527 Remington IV
Remington IV's picture

Swiss "bankers" = nazi gold , colombian drug money , Russian oil skim  launderers

Thu, 04/03/2014 - 13:27 | 4621659 Urban Redneck
Urban Redneck's picture

Actually the SNB laundered 85% more US gold than German gold... which FDR also largely confiscated from his subjects.  Neutrality - the L/R farce has many faces, and this just another example.  Moreover, people who think only of a USD dominant paradigm tend to forget that during WW2 the CHF was the only fiat currency accepted for settlement worldwide.  

The Colombians preferred Caribbean banking centers for obvious reasons, similar to those of the Mexicans who express a preference for their local HSBC branches. 

The Russians seem to have an obvious preference for London.

The oligarchs who have residences and businesses in Switzerland most definitely use Swiss banks, but there are higher barriers to entry for both people and money in Switzerland than in other markets and jurisdictions, and crooks (just like normal people) tend to use convenient banks for their regular banking needs).

 

Thu, 04/03/2014 - 12:51 | 4621532 _SILENCER
_SILENCER's picture

How DARE she ask unbecoming questions. The nerve of these goddamn commoners!

Next thing you know people are going to wonder why so many of the homes near Sandy Hook were paid off in full on December 25, 2009.

Fucking ingrates, I tell you.

Thu, 04/03/2014 - 13:28 | 4621673 Chuck Knoblauch
Chuck Knoblauch's picture

merry christmas

Thu, 04/03/2014 - 12:52 | 4621539 Rising Sun
Rising Sun's picture

Things we'd like to see:

 

Fabienne Wauthier taking a butcher's knife to Ackermann's face while he's tied up in a chair.

Thu, 04/03/2014 - 13:16 | 4621622 Flybyknight
Flybyknight's picture

Zurich sucks

I had an insurance claim against them they would not honor.

Thu, 04/03/2014 - 13:50 | 4621781 esum
esum's picture

MURDER trumps SUICIDE

Thu, 04/03/2014 - 14:20 | 4621945 css1971
css1971's picture

Keep it up chaps. Suicide is a quick easy and painless way out of your problems. Nailguns can be picked up at any DIY store. What we should do though is have a whipround so we can proactvely send nailguns to all top bankers.

Thu, 04/03/2014 - 14:52 | 4622107 NoWayJose
NoWayJose's picture

Check the phone records for any calls to or from Michael Lewis.  If you find any, you can bet that someone else did too.

Thu, 04/03/2014 - 16:44 | 4622550 GhostInTheMachine
GhostInTheMachine's picture

Ackerman is an bastard. Even germans presented him as an asshole:

Germans really make objective documentaries (sometimes at least, but their track record is still bettern than that of the US - american-idiot-oriented-propaganda)

https://www.youtube.com/watch?v=qMyYNtILJuI

 

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