old_scrote Posted October 7, 2008 Share Posted October 7, 2008 all this whilst the big chief made a mere $500 million !!! October 07, 2008 US Congress has demanded that the head of Lehman Brothers justify some $US500 million he earned since 2000. As US lawmakers grilled Richard Fuld on his own earnings, he has also been asked to explain the huge bonuses sought for top executives as the bank failed. Mr Fuld, the chief executive officer of Lehman Brothers, the investment bank that fell prey in September to the credit crunch, was called to account by the House of Representatives oversight committee. Committee chairman Henry Waxman targeted Mr Fuld, saying that he had earned some $US500 million ($690 million) in bonuses and wages from Lehman Brothers. Mr Fuld owned a $US14 million getaway in Florida, as well as a home in Idaho filled with an art collection, Mr Waxman said. And he pointed to an internal Lehman email in which the bank's compensation committee recommended, as late as September 11, giving golden handshakes of more than $US20 million to be shared among three departing executives Hope he gets to pay it all back !! some hope though... Link to comment Share on other sites More sharing options...
manshimajin Posted October 7, 2008 Share Posted October 7, 2008 But the fact is that Barclays have not asked for government assistance, they have relieved a government (may be US, may be UK) from that possibility. So they won't want a guarantee from the UK Government on their liquidity? Hmm.... If Barclays' had not bought the Lehmans subsidiaries surely there would not have been any liability on Governments to pay out $2.5 billion for the bonuses? Lehmans Group had been declared bankrupt when Barclays paid the administrator for the assets they bought. If that had not happened presumably any money and realisable assets left in Lehmans would have been applied to third party creditors ahead of staff bonuses? One could imagine Congress being told they had to stump up $2.5 billion for Lehman's bonuses. So I don't think that Barclays actually saved anyone from paying $2.5 billion. Committee chairman Henry Waxman ... pointed to an internal Lehman email in which the bank's compensation committee recommended, as late as September 11, giving golden handshakes of more than $US20 million to be shared among three departing executives Hope he gets to pay it all back !! some hope though... No Barclays Bank will pay $2.5 billion to cover 2008 bonuses for staff they are taking on from Lehmans. I sincerely hope that their shareholders are happy. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 7, 2008 Share Posted October 7, 2008 all this whilst the big chief made a mere $500 million !!! Lets face it the guy is a complete, utter, total thieving c*nt. The banks are standing there with a begging bowl asking for billions of taxpayers money to bail them out of the shit and a total c*unt like this can stand up and try to explain that the $350 million he earned between 2000 and 2007 as the company headed for disaster was "appropriate" http://www.businessweek.com/ap/financialne...gn_id=rss_daily I hope he gets successive bouts of incurable knob cancer the thieving twat. There is going to be civil war in the US, where the average Joes who are paying for all of this are going to tear these people limb from limb as this crisis gets worse. Link to comment Share on other sites More sharing options...
manshimajin Posted October 7, 2008 Share Posted October 7, 2008 As Mr Fuld said to Congress: "I take full responsibility for the decisions that I made and for the actions that I took," but he conceded no errors or misjudgments in the chaotic period that led to the firm's bankruptcy. This reminds me of Willie Walsh saying that he took "full responsibility" for the T5 fiasco - and then sacking 2 of his managers. One suspects that modern CEOs may have a different sense of accountability than the old brigade. Much better to delegate falling on swords to the minions. Thanks for posting that link thesultanofsheight - really shows the morality of these guys. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 7, 2008 Share Posted October 7, 2008 Thanks for posting that link thesultanofsheight - really shows the morality of these guys. Did you pick up on the last few paras? George H. Walker - President Bush's cousin and a member of Lehman's executive committee - fought to allow the execs to take home the last round of massive bonuses and shot down staff protests Where there a total f**king disaster theres also a f**king Bush. Link to comment Share on other sites More sharing options...
manshimajin Posted October 7, 2008 Share Posted October 7, 2008 Thanks for posting that link thesultanofsheight - really shows the morality of these guys. Did you pick up on the last few paras? George H. Walker - President Bush's cousin and a member of Lehman's executive committee - fought to allow the execs to take home the last round of massive bonuses and shot down staff protests Where there a total f**king disaster theres also a f**king Bush. Well in fairness, if the business you have been guiding is about to go belly up and wreck a lot of people's lives, and in passing the global financial system, you probably need the massive bonuses to get yourself a first class airline ticket quicksmart to take you to your hideaway in American Samoa or somewhere else obscure (Panama?) and the residue to help you maintain the lifestyle you are accustomed to. I wonder where these guys actually keep their money??? The whole thing stinks of the ethics of the sewer. One question how come George Walker Bush did not save George H Walker's litle business? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 8, 2008 Share Posted October 8, 2008 I've just put £50 on at Betlose.com, that all this is an IPCC conspiracy to quickly cut world emissions. The fat cats have now taken enough money out of the system and are happy enough to sit back for a few years, whilst the rest of us in the meantime are being convinced by world governments that events are out of their control and we're being led by the nose into recession Link to comment Share on other sites More sharing options...
manshimajin Posted October 8, 2008 Share Posted October 8, 2008 I've just put £50 on at Betlose.com, that all this is an IPCC conspiracy to quickly cut world emissions. The fat cats have now taken enough money out of the system and are happy enough to sit back for a few years, whilst the rest of us in the meantime are being convinced by world governments that events are out of their control and we're being led by the nose into recession Well we've got the global recession the more extreme Greens wanted to solve global warming. Now just wait for Governments to start announcing in 12 months time 'we have made dramatic steps in reducing greenhouse gas emissions'. Link to comment Share on other sites More sharing options...
ai_Droid Posted October 8, 2008 Share Posted October 8, 2008 I've just put £50 on at Betlose.com, that all this is an IPCC conspiracy to quickly cut world emissions. The fat cats have now taken enough money out of the system and are happy enough to sit back for a few years, whilst the rest of us in the meantime are being convinced by world governments that events are out of their control and we're being led by the nose into recession Every cloud... Link to comment Share on other sites More sharing options...
ai_Droid Posted October 8, 2008 Share Posted October 8, 2008 Nuts today, RBS went from -46% to +25% in about 3 hours. Link to comment Share on other sites More sharing options...
bluemonday Posted October 8, 2008 Share Posted October 8, 2008 Interest rate cut down to 4.5. - 24 hours ahead of scheduled decision. That should help a bit. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 8, 2008 Author Share Posted October 8, 2008 Interest rate cut down to 4.5. - 24 hours ahead of scheduled decision.That should help a bit. FTSE on the slide again.... Link to comment Share on other sites More sharing options...
bluemonday Posted October 8, 2008 Share Posted October 8, 2008 About time FTSE let someone else have a go. What's wrong with the swings? Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 8, 2008 Share Posted October 8, 2008 Nuts today, RBS went from -46% to +25% in about 3 hours. Bet you wish you'd bought now Link to comment Share on other sites More sharing options...
thebees Posted October 10, 2008 Share Posted October 10, 2008 There was supposed to be a realisation of the implications of the inter-webbed financial dealings of this today, I was expecting doom and gloom, perhaps it wasnt as twisted and 'smoke and mirrorsy' as they thought....oh do stop that flying pig and pass the devil an ice pick. Link to comment Share on other sites More sharing options...
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