Lehman’s Fuld: Where was our bailout? (Reuters) Richard Fuld made about $300 million in salary and bonuses over the last 8 years.
In other words, even as Mr Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation.
Quotation from Henry Waxman, House Oversight and Government Reform Committee
I don’t expect you to feel sorry for me.
Quotation from Richard Fuld, Chairman and CEO of bankrupt Lehman Brothers
In the present credit crisis, traders may feel the noxious effects of chronic cortisol exposure and end up in a psychological state known as ‘learned helplessness’.
Quotation from Dr. John Coates, Testosterone levels predict City traders’ profitability (University of Cambridge)
A recent Cambridge study suggests high levels of testosterone increases confidence and appetite for risk-taking. Overconfidence in times of “economic bubbles” leads to poor business and investment decisions. Poor management skills, as the world is again relearning, leads to disaster. This is why corporations have Boards to Directors and Governments have Regulators: to help balance and mitigate risk. Theoretically speaking.
We’re sitting between the abyss, which is the unthinkable, which is the breakdown of the financial system, or a deep and sustained recession.
Quotation from Kirby Daley, senior strategist, Newedge Group Hong Kong
Americans are angry, they’re upset and they’re a little fearful. We don’t have trust and confidence in our institutions.
Quotation from US Presidential Candidate John McCain
We are in the worst financial crisis since the Great Depression.
Quotation from US Presidential Candidate Barack Obama