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232 Comments
- algaeturd, on 10/07/2008, -5/+148Oh, please. Getting a 'real grilling' from congress.
That'll teach them. It's the equivalent of getting sent to the principal's office for carrying a gun around.
Slap on the wrist and let go. These people are laughing their asses off on the limo ride home, you can bet that. - 7papa7, on 10/07/2008, -33/+137I find it interesting that congress was trying to spin the blame on someone else when it was the lack of oversight from congress that caused this financial melt down. They should be looking inward, not outward. If congress would have done their job, we would not be in the financial predicament we are now in. If the democrats would not have fought and defeated the oversight that McCain was trying to get through 3 years ago, this would not have happened. Thank you congress for your gross, very gross, incompetence. I knew from the beginning that they would not accept responsibility for their incompetence. It is time to vote every single one of the senators (up for reelection) and every single congressman that voted for the bail out to be given the opportunity to search for different employment and give them the opportunity to collect unemployment as of the end of January. The lack of integrity in our government now a days is a disgrace. They know that when you mandate giving loans to folks who can not pay them back you will create a melt down. I don't think they are that stupid, but then again maybe they are. You are saying that their should have been no golden parachute for the Lehman CFO because they were going bankrupt. I agree and because the government is going bankrupt because of their incompetence their should be no salary or any form of renumeration for them also. Look who is calling the kettle black.
- ChileanGoD, on 10/07/2008, -3/+56The land of the free ... to rob.
- autex, on 10/07/2008, -7/+59In a regular normal business these guys would've been out the door a long time ago. The golden parachutes needs a melt down. How they want a bail out and keep there own money is ridiculous. Take the CEO money and give it to the people who lost money in 401, etc. I would think in the first half of 20th century these people would've already be in jail. Yes I blame politicians on both sides for their lack of oversight. And Barney Frank and everybody who voted yea should be fired and those involved should be investigated and charged. They charge and jail guys who do this in smaller businesses. Same law should apply to the big leagues. These guys need their assets liquefied but I'm sure they already passed it to the spouses, in laws, children, etc. I mean can you imagine how it would've been handle if Teddy or FDR had this happen under their watch. Definitely all involved would be in jail. JMO and should not be taken as fact but for entertainment purposes only.
- kingofinternet, on 10/08/2008, -0/+44George H. Walker
Global Head of Investment Management
George H. Walker is global head of the Investment Management Division at Lehman Brothers Holdings Inc. In this role, Mr. Walker oversees Asset Management, including Neuberger Berman, Private Investment Management and Private Equity businesses. He is a member of the Firm's Executive Committee.
Sound familiar? "Just before the collapse of Lehman Brothers, executives at Neuberger Berman sent e-mail memos suggesting, among other things, that the Lehman Brothers' top people forgo multi-million dollar bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."
Lehman Brothers Investment Management Director George Herbert Walker IV, second cousin to U. S. President George Walker Bush, dismissed the proposal, going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea of bonus reduction having been suggested. He wrote, "Sorry team. I am not sure what's in the water at Neuberger Berman. I'm embarrassed and I apologize."
http://news.yahoo.com/s/ap/20081007/ap_on_bi_ge/me ... - inactive, on 10/08/2008, -2/+46Default on your mortgage? You're screwed. Run a large corporation into the ground? Just call Uncle Sam and get bailed out with tax dollars...and continue to get paid millions while others lose their jobs.
Something is terribly wrong with this picture. - Pinkertinkle, on 10/08/2008, -0/+42You know in some countries during revolutions people like these had all their money taken away and were executed.... just saying...
- allowners, on 10/07/2008, -1/+33I'll take full responsibility for all these problems for a mere million.
- shig, on 10/08/2008, -0/+30So long as I call Richard Fuld a criminal, instead of a Jew, I'm good right?
- borez, on 10/08/2008, -1/+30Why are the people spearheading the downfall of the world economics system being allowed to get away scot free and in many cases with an monetary advantage , while the little man can go to prison because he shoplifted some food to feed his family because of the ***** these people are causing?
Is it me, or do we need to re-adjust our whole value system and lock these ***** ***** up in the prisons they bankrolled. I want a revolution, and I want it now. - Akairenn, on 10/08/2008, -7/+34I don't.
When has Congress ever not blamed someone? Especially this Congress. "Waah, George W. Bush!" and the Democrats vote with him. "Waah, if only we had a majority!" They gain one and do nothing. "Waah, the Republicans blocked our bailout!" Nevermind that it failed because Pelosi couldn't convince her own party to vote for it at first. Unfortunately, the second time...
Congress is daycare for retarded monkey children. Passing the buck does not surprise me; no, not in the least.
...Still, it's a damned good question. How the hell can a CEO justify hundreds of millions of dollars falling into his hands, after running his company into the ground? The board should be calling its lawyers. - RockSlice, on 10/08/2008, -0/+25I couldn't care less whether he's a Jew, or a Christian, or black, or hispanic, or any other racial/religious group.
He's a jerk, first and foremost, and I stand by my anti-jerk rhetoric. - odigity, on 10/08/2008, -0/+25As a dual-citizen of America and Israel, raised Jewish,
***** THE ADL.
Those guys are gangsters of the highest order. And their most public and effective weapon is the strategic use of the thought-stopping, blood-heating slander "anti-semitic".
Deny them that power.
(Their secondary weapon is slandering people like me as "self-hating Jews" whenever we expose their tactics. I don't hate Jews or another group. I hate individuals - the individuals at the ADL, for example.) - e68895f, on 10/08/2008, -1/+24Now where's my "Do not pass GO, do not collect $480m"-card....
- statik99, on 11/03/2009, -1/+23This douchebag (and that's being polite) deserved to get punched in the face and knocked out cold by an employee.
- inactive, on 10/08/2008, -23/+43Watch your comments, people. Lehman Brothers CEO Richard Fuld is Jewish. According to the Anti-Defamation League of Bnai Brith, the financial crisis has sparked an increase in anti-Semitism. "The age-old canards about Jews and money are always just beneath the surface," says ADL director Abraham Foxman. So, if you're going to criticize Richard Fuld, or Bear Stearns CEO James Cayne, or Fed Chairmen Alan Greenspan and Ben Bernanke, etc., keep in mind they're Jewish, and make sure your comments won't be interpreted as anti-Semitic.
Financial crisis sparks anti-Semitism
http://www.jpost.com/servlet/Satellite?cid=1222017 ... - HookmasterCH47, on 10/08/2008, -1/+20And for that you earned... a punch in the mouth.
- StripeyMagee, on 10/08/2008, -0/+19I don't subscribe to religion and could give 2 ***** who is a jew or not. A crook is a crook.
- hmphargh, on 10/08/2008, -1/+20480,000,000 for me, none for you.
Just like eating a Twix - inactive, on 10/08/2008, -1/+20I think they call it shifting blame... Like that dude gives a ***** he just made another 480Mill lol
I'd let you call me names all day long for that dough - Bloodwine, on 10/08/2008, -2/+19The bailout saved us? Have you been keeping up with current events? Stock market is tanking and banks still aren't lending.
- pimpofpixels, on 10/08/2008, -1/+17No. It should be ILLEGAL. That's the problem with the legal system. Lobbyists give kick backs to law makers, and the law makers make laws protecting the lobbyist's interests.
I think it should be totally illegal, 10 years in prison to give a politician money on the behalf of a corporation.
It supposed to be a government by and for the poeple, not by and for the people with the most $$$ - Grym11, on 10/08/2008, -3/+17I agree with you right up until you talk about this Democratic congress not doing anything. Some of that isn't their fault.
The Republicans in the senate have filibustered more than any other senate group in history; breaking the previous two-year record barely one year into their term! They are petulant, obstructionists that cannot be reasoned with. And because the Democrats are so weak-willed and disorganized, the few things that do get passed generally fall in line with the Republican agenda anyway.
The hypocrisy of pundits who call the current Democratic-controlled congress the "Do-nothing Congress" it is all the more onerous when you remember that just four years ago these very same people pitched a fit at the very *threat* (not action) of a Democratic filibuster to President Bush's judicial nominations. The Republican leadership at the time even suggested removing filibustering from the senate rules (the so-called "Nuclear Option") because to even suggest a filibuster was "obstructionism."
The tribalism and absurdity of the two-party system here in America would be funny--hilarious even--if it weren't for the fact that it is the number one threat to our nation's standing in the world. If our leadership can't put their differences aside and get our collective ***** straight, we're going to be surpassed by countries that can. - inactive, on 10/08/2008, -1/+15You know, in some cases throughout history, extremely greedy asshats were executed by having boiling hot molten gold poured down their throat in order to finally sate their unquenchable thirst for wealth.
Like this guy, for instance:
http://en.wikipedia.org/wiki/Marcus_Licinius_Crass ...
Not advocating it of course. Just sayin..... - inactive, on 10/08/2008, -5/+19Didn't jews invent money-lending? Weren't jews kicked out of the temple by Jesus for money-changing? Didn't jews start all the wars? Didn't jews set up an international network of central banks for profits? Don't jews run all the newspapers and media in the western world?
/s - buughost, on 10/08/2008, -2/+15welcome to america
- chrisinsocalif, on 10/08/2008, -0/+13Being in business i see this all the time. Companies BK themselves yet the CEO's or executives come out of it with millions in their pockets. This is unfair to the middle class who bust their ass for very little money and retirement benefits. CEO's/executives need to be held accountable for their poor actions.
- sk11, on 10/08/2008, -2/+15America is far above such behaviour. It only, in cases, tortures middle easterners and executes mentally retarded prisoners, this great nation even waits until child convicts turn eighteen before frying them. It may have nuked hundreds of thousands of innocent Japanese civilians, used chemical weapons on hundreds of innocent Vietnamese civilians, but, apart from those examples, it is a bastion of moral superiority.
- str3ama, on 10/08/2008, -2/+15somewhat unrelated, but Mccain just said (in the debates about medi-care) "I could use a hair transplant", his joke fell flat, not a single laugh or smile from the audience.
anyways, this is standard fair. Watch the documentary Enron: The Smartest Guys in the Room - not only did they screw over all the employees on their pension, they executives and CEOS took whatever they could the leftover money, selling office furniture and appliances weeks before profit off of it before the entire scandal became public. There's no honor amongst these thieves, and let's face it most if not all of these executives are more closeted thieves - they steal from their customers, their employees, and from the American public - taking bailouts they don't deserve with no care to ever pay off what should be considered a loan. - inactive, on 10/08/2008, -0/+12Corruption at its finest.
- odigity, on 10/08/2008, -2/+13Carrying a gun around harms no one. These people didn't carry a gun around, then went on a shooting spree.
- StingingNettle, on 10/08/2008, -0/+11Yeah, but they didn't have tv with hundreds of channels to distract them.
- charmaniac, on 10/08/2008, -1/+11Buh buh buh they needed to "retain talent." At least that was the idiotic excuse they used to justify these historically imbalanced overpayments to executives. Like these executives are comparable to football players. Give me a ***** break. Anyone who has spent time with executives know they are mostly useless piles of ***** filled with more *****.
The shareholders had no way of removing insider board members who approved these packages because they gamed the system along with institutional investors. At this point, I am all for implementing a death penalty for those who intentionally defrauded shareholders and employees of their life savings.
I bet if the threat of death exists, they won't worry about lining their own pockets er..I mean...retaining useless talent anymore! - Omar05, on 10/08/2008, -0/+10I don't believe it's far but I don't expect thieves to act like honest,caring human being.
Wake up and smell the coffee, this kind of thinking is at the core of our country.
Remember the old saying..Good Guys Finish Last. Honesty is considered stupid.
That's corporate America. Greed. - bogdon6, on 10/08/2008, -0/+9EntropyFan, is you real name Henry Paulson? Yes the Dow is tanking. It has lost nearly 15% of its value since the passage of the bailout. That's sounds like tanking to me.
- yosserhughes, on 10/08/2008, -2/+11"lack of oversight from congress "
So a motorist is doing120 on the freeway, crashes, and its the cops fault. - djdingo, on 10/08/2008, -0/+9WE'RE ALL *****.
I want that on a bumper sticker. - mogebier, on 10/08/2008, -1/+10Where are the board of directors of these companies too??
A CEO can't just come in and make his own pay scale. How much did the Board get too?? Why did they offer this much to the guy in the first place??
What laws did Congress make that allowed these companies to do such things in the 1st place?? - spectecjr, on 10/08/2008, -2/+10Pay is supposed to be performance related. What part of "drove into bankruptcy" is worth $480MM in compensation in your world?
And, for the record, when my tax dollars get used to bail our YOUR ass, it's me who decides who gets to keep their pay. And all the other tax payers.
Get used to it. The old boy network is going away. - Digital2D, on 10/08/2008, -3/+11republicans are great...for me to poop on!
- pinchduck, on 10/08/2008, -2/+10How many Democrats did Lehman Bros. donate to? Why weren't Pelosi & Reid able to convert borderline republicans? The Republicans suck, but so do the Democrats.
- nextekcarl, on 10/08/2008, -0/+8Actually the shareholders should be, since the Board of Directors are supposed to be the ones watching out for that kind of action (that's their main purpose, just as his was the day to day operations).
- katorga, on 10/08/2008, -0/+7Ironic that the CEO was castigated for lobbying by the very folks who accepted the lobbying cash and then gave him what he wanted. It takes two to lobby successfully. I saw throw all of the bums out.
- LilRabbitFooFoo, on 10/08/2008, -0/+7Can we criticize ALL of them as SCUMBAGS, regardless of their race, creed, or color?! PLEASE?
- NidStyles, on 10/08/2008, -0/+7What the ***** do I care about his religious preferences? He stole my hard earned money. Albeit through my over-board taxes that I get deducted from my pay automatically, but still it's the concept of it all.
- Mujokan, on 10/08/2008, -2/+8"If the democrats would not have fought and defeated the oversight that McCain was trying to get through 3 years ago, this would not have happened."
That is bs.
What you're talking about is a measure to provide greater oversight of Fannie and Freddie, which doesn't have anything to do with Lehman Brothers, and wouldn't have stopped the underlying problem of securitization and over-leveraging.
Three years ago it was a GOP Congress. They didn't pass the law. They let it stew in committee, and then when they lost and the Dems came in in 2006, it was cleared from the books. When it came back in 2007, House Dems voted for it unanimously, House GOP mostly voted against it (it didn't make it through the Senate).
In the end the number one culprit here is the banks themselves. But it's been a GOP Congress and White House for the time since people realized how much of a danger derivatives are.
And if you think poor minorities are to blame, please read this for a start. http://www.slate.com/id/2201641/ - pimpofpixels, on 10/08/2008, -2/+8That demonstrated that you're just totally ignorant about this.
Go back, and do some research,
You've got it all factually wrong. - chevriley, on 10/08/2008, -0/+6ya, don't say what he said.
- LenBaird, on 10/08/2008, -0/+6This title is actually misleading, because they finally agreed that he had "only" earned around $350 mil. He asked him at first, using the $480mil number, and he said that was incorrect. Several minutes later they were able to get him to fess up to $350mil over the last 8 years.
On your basic point, you are totally right. Lots of corporate execs treat running their company like a "loot it then flee and let it burn" operation these days. - macbookpromat, on 10/08/2008, -4/+10Wait so you're telling me that all along Hitler was right. Son of a bitch!
/extreme sarcasm -
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