Defending the indefensible
Posted by Ron Coleman on October 6, 2008
Fuld said he took “full responsibility” for the bankruptcy of Lehman Brothers and “felt horrible” about it.
But Fuld said he has yet to understand why the federal government helped to bail out the AIG insurance company and other investment banking firms, but did not do so a few days earlier to save Lehman Brothers.
“Until the day they put me in the ground, I will wonder,” Fuld told the Congressional panel, seeming to seethe with anger.
“This is a pain that will stay with me the rest of my life.”
It’s really stunning. I am all for capitalism, free markets, even wildly disparate distributions of wealth — of which, believe me, I have precious little. You have to read through this whole article, however, to see what to me has always been at the heart of this little game: Wall Street has, for a long, long time now, been utterly out of touch with the real value of money… the value of what it provides… and any sense whatsoever of,
He’s angry? He’s … in pain?
If indeed socialism is in our near future, as the talk-radio crowd is screaming from the rooftops, it is the spectacle of capitalists — such as Richard Fuld, and those who have made him possible — that will have made it possible.
In the first Congressional hearing into the financial crisis, the former CEO of the bankrupt Lehman Brothers, Richard Fuld, became the poster boy for Wall Street greed today as he defended the $484 million he received in salary, bonuses and stock options since 2000.
“Is that fair?” asked committee chairman Rep. Henry Waxman (D-CA) who pointed out Fuld owns a mansion in Greenwich, Connecticut, an ocean front estate on Jupiter Island, Florida, a ski chalet in Idaho and a Manhattan apartment.
Fuld said given the collapse of Lehman Brothers and its now worthless stock, his actual holdings were closer to $350 million.
“That’s still a lot of money,” he told the hearing.
Is it, now? Good thing there’s an investment banker in the room to clarify this kind of thing.
Maybe we will indeed lose “capitalism” and, after the revolution, something else we once had will grow in its place: Free enterprise.
I wonder if Richard Fuld’s pain will still be smarting him then.