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
I’m buying!
Eidurs last blog post..Twisted
When I landed in Boston last night, I was surprised the lights still illuminated the city.
Can you produce electricity or some kind of other useful energy from testosterone?
Some European countries got hit hard now as well, Iceland and Germany, Belgium and Brittan being on the top of the list.
It seems we are playing a bad game of ping-pong across a big lake now where nobody wins.
Zees last blog post..The heart of the matter, old and new
this is just the typical behaviour of these financial institutions. They overpay and overcompensate their top executives with the investor’s money. But when the company is in trouble the only one who suffers is the poor working class people who invest in these greedy companies.
Stunners last blog post..Lamps 2
Neat post – you reminded me of a Denny Miller joke where choosing a President – republican or democrat is a lot like choosing between hospital food and airline food.
Bland no matter what the choice.
Thanks again for the cool comic blog
Glenn Bishop
i really wanna that this USA crises end soon. this is bad for everybody…
a kiss!
kirafashions last blog post..The male socks
Say, how’d you get tied up to that pole there, Sera?
A. Deckers last blog post..Fukah’we?!
I blame it all on Viagra.
susans last blog post..moonlight reprise
Lehman Bros signing off of on the 120 + audited accounts in January 2008; when earnings, dividend, return on equity and liability ratios were all ok and compared favorably with those of the past 4 years. I think we can rely on your congress to get to the bottom of it all, but only after they have exhastered all other crazy wild goose chases such as quizzing those responsible whose signature appeared on that rosy audited annual report published earlier this year. Lehman’s as a counterparty failure of those dreaded credit default swaps along with the other recent corporate failures evolved from the same toxic soup that has been successfully exported all over the world to underwrites current turmoil as the positions are unwound.
Best wishes
lindsaylobes last blog post..Where to next
U.S.A. Economy fcuked … then will follow the world. Bandaids won’t stem a severed artery.
I hope the characters at the top are Japanese kanji and not Chinese because I can’t really read them!
The more money people had, the more they whine… I don’t whine much
Reminds me of the Woody Allen line: “What I wouldn’t give right now for a large sock with horse manure in it”
) Love the new jet black Converse shoes!
I’m very near from USA & i used to go shopping there.
Now i don’t know if it’s gonna affect Mexicos economy.
Diana Coronados last blog post..Vosges Haut-Chocolat
Your quotations are very helpful to get insight in the backgrounds of the crisis. There are 3 problems: 1. Ideological: absolute confidence in the free market without any government influence. 2. Psychological: Guys who like a job in finances have personal traits that could lead to gambling and over-optimism in spending and investing behavior. They climb up to high management positions because they are competent in figuring out “products” that sell and yield profit. These two causes tend to reinforce each other. 3. This way lots of money is created that actually doesn’t exist (only in computers and on pc screens), so if shareholders or savers want their money back, it isn’t simply there. A tax law should be designed by means of which those who have earned ( lots of) money by financial product-design gambling on too positive future developments, have to pay that money to the government in order to finance the bailout.
erik tjallinkss last blog post..Pictures of God
…not to mention (sorry I just can’t stop reminding about this) the absolutely useless role of (US) rating agencies…
it’s clear to everybody that their “rating” judgement are worth less than toilet paper, especially when it’s the financial products issuer that asks for a rating to S&P, Moody’s and Fitch by actually *PAYING* to have a rating (or they pay to have a *positve* rating?).
The system is faulty at its basis. Better leave the markets to the pros instead to try & force a lifetime savings into financial operations…
During the last weeks, italian banks have kept “offering” dangerous (due to the situation) products to consumers…
Eidurs last blog post..I Guess I’ll Hang My Tears Out to Dry
We all hope that this crises ends soon!
Amazing quotations!
Carolina Langes last blog post..Week at the beach