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Dick Fuld-former CEO of Lehman Brothers Holdings Inc, refused to accept resonsiblity for the collapse of the one-time in investment giant. He argued that the failure of his former employer was due to a "crisis of confidence" in the finacial markets.
This is typical of the "teflon" my shit does not stink of these corporate criminals.
The truth is blinded by lottery size pay plans they turned a blind eye to the criminal practices in a manner that would make ENRON look legit! The fact is hey couldn't find a bigger suckers to accept their bloated and overvalued paper they call money!
The overvalued paper that had been the basis of their decade long "success". Yes, sucess that was the rationing behind blindingly greedy CEO and executive pay packets.
John Kenneth Galbraith- Havard economist called this "The greater fool theory" He argued that any asset is only worth what the next buyer (sucker?) is willing to pay. The same theory with regards to house purchase.
As a matter of fact, Fuld earned $500,000,000 between 1994 and 2007. Yes that is not a typo, a half a billion dollars for doing a what is in retrospect a pathetic Job. What business school did these greedy Monkeys go to-Harvard? Does Harvard deserve to loose all credability for letting this idiots loose on the world? In my opinion whatever it is they are teaching in economics class to the rotten "baby boomer" generation, needs to change when Generation X and Y finally get their country back.
These CEO's have done more harm to Amercia than a hundred "Bin Ladens" could ever dream off.
Contrary to Fuld's statements, the real victims of this debacle are pensioners and small investors who rely on others for protection. These investors are no less victims than were the passengers of the Titanic, who had been led to believe the ship was unsinkable. Blind faith in the government and the system is their only mistake.
Linking CEO pay to a company's results is the only sure way to stop this madness. The "golden parachutes" that these criminals receive EVEN if the company fails drastically has to stop. It encourages reckless risk with no consequence, and with their "friends" at the reign in Washington, and Washington's "friends" in charge of the investment company's, its a win win situation.
Thank you Hank Paulson, Finance secretary and conveniently ex CEO of Goldman Sachs-one of the last investment banks still standing!
This is typical of the "teflon" my shit does not stink of these corporate criminals.
The truth is blinded by lottery size pay plans they turned a blind eye to the criminal practices in a manner that would make ENRON look legit! The fact is hey couldn't find a bigger suckers to accept their bloated and overvalued paper they call money!
The overvalued paper that had been the basis of their decade long "success". Yes, sucess that was the rationing behind blindingly greedy CEO and executive pay packets.
John Kenneth Galbraith- Havard economist called this "The greater fool theory" He argued that any asset is only worth what the next buyer (sucker?) is willing to pay. The same theory with regards to house purchase.
As a matter of fact, Fuld earned $500,000,000 between 1994 and 2007. Yes that is not a typo, a half a billion dollars for doing a what is in retrospect a pathetic Job. What business school did these greedy Monkeys go to-Harvard? Does Harvard deserve to loose all credability for letting this idiots loose on the world? In my opinion whatever it is they are teaching in economics class to the rotten "baby boomer" generation, needs to change when Generation X and Y finally get their country back.
These CEO's have done more harm to Amercia than a hundred "Bin Ladens" could ever dream off.
Contrary to Fuld's statements, the real victims of this debacle are pensioners and small investors who rely on others for protection. These investors are no less victims than were the passengers of the Titanic, who had been led to believe the ship was unsinkable. Blind faith in the government and the system is their only mistake.
Linking CEO pay to a company's results is the only sure way to stop this madness. The "golden parachutes" that these criminals receive EVEN if the company fails drastically has to stop. It encourages reckless risk with no consequence, and with their "friends" at the reign in Washington, and Washington's "friends" in charge of the investment company's, its a win win situation.
Thank you Hank Paulson, Finance secretary and conveniently ex CEO of Goldman Sachs-one of the last investment banks still standing!
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