Thursday, October 9
Former Lehman Brothers CEO Dick Fuld Jr.(yes that IS his real name) sat before a dog and pony show hearing this week to answer questions about his company's demise.
First of all, these silly hearings by Congress are worthless. They don't accomplish anything. The person is not being tried, won't be convicted and will only be indirectly chastised by Congress through leading questions. Congressional Hearings are the equivalent of the first O.J. trial.
So after a shameful display of finger pointing and question dodging, Mr. Dick Fuld gets to go home and relax in his mansion and savor the fact that in the last five years he has paid himself almost a half a BILLION dollars. And Congress thinks this is showing the American people it's doing something about the crisis. He also said that he thought his compensation was "fair." (Express Outrage ...........................................now!)
The only solace I got from this news was a report that the Sunday after Lehman announced its bankruptcy, Mr. Fuld was working out in the company gym when Hans, the brother of Franz, came up and decked Dick. Reportedly he was knocked unconscious. Ah to have seen that.