Originally posted by: bdude
Originally posted by: Nocturnal
So what would happen if it went down to say 8000 or 7000 or even 5000? Or what if it went down to 1000? What would be the outcome then? The apocalypse?
No, just a crappy slowdown.
Lots of lost jobs, bankruptcies, and the like. More homeless, more crime...etc...
Meanwhile as Nero fiddled:
10-6-2008
Congress hears Lehman sought millions for execs
Days from becoming the largest bankruptcy in U.S. history,
Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.
Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: "Is that fair?"
Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.
"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," he said. Fuld said he took home over $300 million in those years ? some $60 million in cash compensation.
In January, Fuld and his board were warned the company's "liquidity can disappear quite fast."
Despite that warning, he said, "
Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."
Rep. Elijah Cummings, D-Md., said: "I wonder how he sleeps at night."
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I am sure he sleeps quite well with $300 million dollars.