What is Digg?36 Comments
- Burento, on 10/18/2008, -0/+36Good... Too many times these corps know they will be bailed out and abuse that to help themselves. Sick of corps getting away with this crap.
- darylyounge, on 10/19/2008, -0/+16Hang them all.
- PistolSO, on 10/19/2008, -0/+14Put him in jail, and seize every penny with his income!
- derecshuler, on 10/19/2008, -0/+12Hmm, when are we going to see hearings or a subpoena for the execs at Fannie Mae and Freddie Mac?
- dalittle, on 10/19/2008, -0/+7Ok, but what about the rest of the CEO's? And are they going after the VP's and other upper management as well?
The US government should seize the assets of the CEO's and upper management of these companies, especially when they are getting big bonuses and fancy trips using our bailout money. They are criminals and should be treated like criminals. They do it to drug dealer so why not these guys too? I will even help with a starter list of more than just Fuld.
Lehman Brothers http://en.wikipedia.org/wiki/Lehman_Brothers - Richard S. Fuld, Jr. (Chairman) & (CEO)
American International Group http://en.wikipedia.org/wiki/American_Internationa ... - Robert B. Willumstad (Outgoing CEO)
Fannie Mae http://en.wikipedia.org/wiki/Fannie_Mae - Herb Allison, CEO
Freddie Mac http://en.wikipedia.org/wiki/Freddie_Mac - David M. Moffett (CEO)
Bear Sterns http://en.wikipedia.org/wiki/Bear_Stearns - Alan Schwartz, former CEO
- James Cayne, former Chairman & CEO
UBS http://en.wikipedia.org/wiki/UBS_AG - Peter Kurer, Chairman
- Marco Suter, Vice Chairman - Marcel Rohner, CEO - mahadiga, on 10/19/2008, -0/+6To prevent listed companies from manipulating the investors I propose all listed companies to comply with http://en.wikipedia.org/wiki/Freedom_of_informatio ...
- IMTruckingUSA, on 10/19/2008, -0/+6We won't see hearings on Freddie and Fannie because that would pull down the house of cards known as Congress. The members have taken so much money that they are too scared to let all the dirty laundry go through public scrutiny.
- feyded, on 10/19/2008, -0/+5Someone's gonna burn.
- Gutterpunk, on 10/19/2008, -0/+5Subpoena? lol, that word doesn't mean anything in America anymore.
He just has to ignore it. - IMTruckingUSA, on 10/19/2008, -0/+5They are more than likely looking for that perfect scapegoat right now.
Do you really think those (expletive deleted) jerks in Congress will let any dirt fall on them.
This mess was started by politicians as their newest welfare program.
The fact that Congress first stole all the monies out of the Social Security fund,
then through their "Homes for those who can't afford them" program, Congress has destroyed the peoples private retirement accounts.
Nope, the politicians will not accept responsibility for their actions. Not Carter, who started it and not those who kept the money ball snowballing. - disraeligears54, on 10/19/2008, -0/+5Hopefully this isn't the last of this kinda thing.
- skanton, on 10/19/2008, -0/+4Yes, i'm sure the people at Enron also put much effort
Your characterization of "having something against people with more money" is quite deceiving. What you are doing is reducing this democratic struggle to psychoanalyzing. This is very dangerous because instead of focusing at political, social, and economical realities you rather offer simple dismissive psychology as the reason. Rest assured that this "targeting" of wealth is done for quite the right reasons, and has been so throughout the history of man kinds civilizations (even since Roman Empire)
Psychoanalyzing is a tool used by the wealthy class to distract us from class issues. - pcpimpster, on 10/19/2008, -0/+4Off with their heads!
- inactive, on 10/19/2008, -0/+4Bring back the guillotine.
- 68024, on 10/19/2008, -0/+4Good - these are the people that need to pay for the economic crisis, not the average American. The money of 10 of these people would equate to the same as the hard-earned savings of perhaps 10,000 or more regular folks.
- pcpimpster, on 10/19/2008, -0/+3Can I get my money back?
- inactive, on 10/19/2008, -0/+3OF COURSE YOU KNOW
`
J P Morgan "faulted" on some default swaps to intentionally bring them down, and THAT was a crime!!!
`
thay"j p m" also did that same thing that started the great depression
my how history repeats itself - Naieve, on 10/19/2008, -0/+3What's funny is that most people don't even know anything about Congress's looting of Social Security.
I doubt most Americans have ever heard the term "intergovernmental loan" or the fact that these loans don't count against their budget.
We could elect Jesus Christ(or whatever deity you pray to) President and the results would be the same.
Until we clean house in Congress we will just get more of the same. They are all bought and paid for, Republican and Democrat. They are all corrupt, for the love of God William Jefferson is going to win reelection for the second time after being caught red handed in an FBI investigation taking a bribe.
I expect no change, the Democrats and Republicans have their system setup far too well for the stupid red/blue state people to figure it out. For us to realize what is happening would require that people wake up and actually do some research about our government, and we all know barely anyone cares. - mcsenget, on 10/19/2008, -0/+3sick of governments getting away with bailouts.
- Asianwaste, on 10/19/2008, -1/+3Dick Fuld.
- IMTruckingUSA, on 10/19/2008, -0/+2He just may be the perfect scapegoat. Longevity and invested with his company.
- bullhead2007, on 10/19/2008, -0/+2Why can't we investigate all of the Federal Reserve banks too while we're at it.
- crunchybase, on 10/19/2008, -0/+2Public memory is very short. I think this is just a hogwash till the public forgets about this crisis.
- tomarocco, on 10/19/2008, -0/+1Burn him in an oven!!!!!! And his realtives, too. They're complicit.
- bjornski, on 10/19/2008, -0/+1Yeah. Spitzer. For wanting to investigate these guys.
Nobody really gave a ***** about the hookers and blow. - inactive, on 10/20/2008, -0/+0Exactly. The holocaust alone should remind people what happens when you start looking into crimes international bankers have committed. I really think if you find out they are of semitic origin, it's just best to let it go. Never again.
- vega70, on 10/20/2008, -0/+0Fuld is the worst of the bunch.. when the Titanic was sinking, he basically loaded up a lifeboat with jewelry.. he was giving away bonuses to himself and his cronies days before Lehman went under. this guy is a crook, plain and simple.
- darkfire79, on 10/19/2008, -1/+1And waste perfectly good rope?
- Bloodwine, on 10/19/2008, -2/+1As much as I want executives to pay for what they've done (why reward failure?), at least Fuld has been with his company for several decades. He did have a lot invested with his company.
- inactive, on 10/19/2008, -2/+1This article is blatantly antisemitic. So are the comments on this thread. "Hang him." Typical digg racism.
- inactive, on 10/19/2008, -2/+1Rable rable rable!!!
- kevdoggz, on 10/19/2008, -2/+0It's about time. I don't care if this guy is getting railroaded, if he did nothing wrong then he's got nothing to worry about.
- Cadenzah, on 10/19/2008, -5/+2Grab your torch and pitchfork! Hang 'em high! Yeeee-haaaww
Sorry but these comments show scapegoat hunting at its worst. You can digg me down now. - inactive, on 10/19/2008, -5/+1This man was living the American Dream, why can't they just leave him alone? He's suffered enough already.
- byrdgang, on 10/19/2008, -6/+1This is ridiculous. Richard Fuld is wrongly targeted by the public for misperceptions about what happened at Lehman's. These misperceptions are not limited to Lehman's.
The middle-class* has repeatedly mischaracterized what went on, especially with regard to executive pay. The numbers that are frequently quoted are deceiving. Digg is not a good place to discuss executive pay, but if you're interested, listen to what Fuld had to say before Congress. The entire proceedings lasted about two hours and ten minutes.
Fuld showed appeared before Congress on his own accord. I watched the entire proceedings, and while members of Congress were trying to misrepresent what was going on at Lehman's, he had to correct them each time. I didn't see any of Fuld's lawyers there, and not once did he decline to answer a question on the basis of law or otherwise. Contrast this with certain Bush officials who appear before Congress.
Fuld (and many other executives) have never been given a fair shake. Fuld is apologetic (even though he didn't cause the demise), realizes mistakes were made, and calls for detailed regulation. He can't even sleep normally anymore because of this. Fuld did all he could do to save the company. Lehman's demise couldn't have been foreseen by anyone because just the previous year (2007) was its best year EVER.
Lehman's had a lot of money in capital, but in the end, it wasn't enough. If I am not mistaken, Fuld was its greatest shareholder, and he lost about 8 million shares when Lehman's died. Notice he didn't pull his money out despite the worsening state of Lehman's. That's because he truly believed in the company!
Behind the scenes, he was trying to do everything he could to find a buyer for the company so that it wouldn't go under. Not once did Fuld complain about his own finances...he is thankful for everything he has, and he knows that he is financially secure. He repeatedly mentioned this. He doesn't take anything for granted. Fuld started off decades ago at Lehman's and worked his way up. He is very intelligent. The media ignores these facts.
Based on what he said before Congress, it seems he was not part of efforts to do away with the net capital rule, although I can't be sure. Basically, changing the net capital rule is what led to the demise of these investment banks.
The problem here is that the middle-class loves to target the upper class at almost every opportunity. It's always something about executive pay.
I would love to meet Mr. Fuld and thank him for his efforts.
*By the way, I am a member of the middle-class (I just don't have anything against people who have more money than I do).
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