A total Merchant Banker ……….
………Lehman’s Dick Fuld Joins The League Of Lucky Losers
The banking crisis is still in its infancy. Whilst its effects are probably yet to be truly felt, should we spare a thought for those architects whose greed has still paid off ?
The Economics Of Failure
So how does it work, then ? You take hideous risks with other people’s money; your bonuses are earnt on loans made, not paid; you fail; your bank closes or gets bailed out with massive contributions of taxpayers’ money; your shareholders get diluted or worse; you walk away with a quarter of a million smackers to keep you warm and cosy in your dotage. Unwittingly or without a care, you become a co-architect of one of the most potentially destructive crises of modern history yet there is not much danger of you going hungry. Phew !
It Wasn’t Me, Gov’ !
Shocking whilst it may be for one of the oldest and most established names in finance to go to the wall, the efforts of Dick Fuld, Lehman Brothers’ CEO, to justify his own record and remaining fortune surely must rank as the most disgusting display of false humility so far. This man made money personally “…in good times and bad..” and gets to escape to his various homes unscathed, liquid and with a comfy future. All this is stark contrast to most of his former employees. The UK’s Telegraph suggests it is “unfair” for him to shoulder all the blame. Ah bless ! The poor old sod will have to scrape by on $250m+, so I am not sure I care.