Fuld in the hot seat
- Thread starter jackace
- Start date
GodlessAstronomer
Lifer
- Oct 27, 2007
- 17,009
- 5
- 0
"Yes, that number is accurate."
"Is it fair that you've pulled down almost half a billion dollars from your bankrupt company?"
"No, those numbers are not accurate."
Asshole.
"Is it fair that you've pulled down almost half a billion dollars from your bankrupt company?"
"No, those numbers are not accurate."
Asshole.
He made out like a bandit on this deal and so many of his former employees where left out in the dust. Would not surprise me one bit to hear he got assaulted.
It's just completely out of control how much money these executives are making. I was watching the Primetime special a couple weeks back about the investment banker world and it was just crazy the amount of money these people make just by managing other peoples' money.
Its not just the executives. Well let me clarify, investment banking firms like Sachs and Lehmans would give large bonus to everyone. Even peons got bonuses in the tens of thousands of dollar range with some of their top traders/managers getting in the tens of millions range. It all depended on your "contribution" to the company. A few years ago some were hitting $20-30million bonuses. I belibe one person got a $60million bonus.
BrunoPuntzJones
Lifer
- Feb 24, 2001
- 14,513
- 4
- 81
I'm really still amazed at the way these guys were handing out money while the company is going down and they don't feel like they did anything wrong. Could they really be that blind to what's going on around them or is it just that they want the money so bad they just don't care about anything else. I would love to see them all sued and jailed.
It's the culture they live in. Watching that primetime special really put things into perspective for me. These people live in a world where EVERYONE makes huge money, flies in private jets, huge vacation estates, park avenue penthouses, etc. It is basically a different world from the one you and I live in.
As a person who has worked in a trading environment their whole career, I can answer that yes, you do tend to get blinders on after a time, while focusing on your particular niche product area and having to generate trade ideas and getting clients to execute on them.
Of course we look forward to the bonus. Many people including myself would never have put up with all the bullshit, excessive stress, long hours, long commute, and not seeing our kids but 30 mins a day if it weren't for the payday. That said, I do believe executive comp is wildly excessive and out of control. Hard to fault Fuld taking home $40 mil when Goldman's Blankfein took home $70 mil last year, along with plenty of others in the 8-figure range. I don't know how it stops. Perhaps an extended multi-year recession will finally get corporate boards all over to rethink the comp strategy.
I'm not down for straight murder, I say 10 years minimum in the Federal pen, coupled with seizure of all assets.
Win-win, the prisoners will dish out the karma in spades, also no protective custody or segregation allowed, it's gen pop for these fuck-o's.
Next up should be frank and the other democrats who blocked legislation to regulate freddie and fannie. They blocked those regulations in exchange for campaign donations. I want to see frank defend taking all that money while rome was burning.
This is shocking, I knew they made millions, but not 480 millions. Not only does it seem unethical to me that they would leverage themselves so deep, it should be criminal that they would raid the company.
Anyone know if shareholders could sue them personally for mismanaging the company?
Anyone know if shareholders could sue them personally for mismanaging the company?
CADsortaGUY
Lifer
:roll:
Waxman wouldn't know "fair" if it was staring him in the face.
Ok ok ok, yeah it's "fun" to see these guys squirm but really these "hearings" are nothing more than people huffing and puffing. Really, does it make a difference to hear him say it "wasn't fair"?
What a waste of time...
Waxman wouldn't know "fair" if it was staring him in the face.
Ok ok ok, yeah it's "fun" to see these guys squirm but really these "hearings" are nothing more than people huffing and puffing. Really, does it make a difference to hear him say it "wasn't fair"?
What a waste of time...
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