Dick Fuld’s half billion dollar pay
October 7th, 2008 4 comments link to (permalink) posted by david
Dick Fuld’s “televised humiliation was orchestrated by a veteran Democrat, Henry Waxman, whose simple question about Fuld’s alleged $480m of earnings – Is that fair? – hit the banker like a haymaker, rendering him speechless.” Link
The expression the buck stops here was supposed to refer to responsibility rather than reward, the other kind of bucks. Fuld claimed full responsibility for Lehman’s collapse but the responsibility came with reduced reward (share options wiped out) rather than risk. Laws are being rewritten to save banks and voters may wake up to the fact that they can make these laws do whatever they want – like seize Fuld’s assets, put him in jail etc.
This might seem naive, but people really do have that power now, and retribution against a few will save the anger of the mob spilling into the traditional avenues for choosing scapegoats like antisemitism. People like Fuld need to be given the equivalent of a loaded revolver to do the honorable thing. Sure, its unfair, like being paid lots when the times are good, but if he doesn’t other people will suffer more. The buck stops.
tags: business
4 responses so far »
Anon : Oct 8, 2008 at 6:32 am
People THAT rich make me feel sick. No one person needs half a BILLION dollars while there are others in the same damn country who struggle to buy food and medicine.
jeff : Oct 8, 2008 at 3:26 pm
you’ve really stepped down the quality of your posts recently. you got yourself a srsly generic ass video site now. congrats.
tservo : Oct 8, 2008 at 3:43 pm
I totally agree that the outrageously overpaid executives should be stripped of their riches as a penalty, but that simply won’t happen. They own the congress. Collectively, they are far more powerful than our government.
Eric : Oct 8, 2008 at 11:21 pm
I agree with Jeff in part. Some of these videos are not up to the prior standards of the site. I can also understand that quality videos on the web can be hard to come by and you do have to keep the traffic at a certain level to keep the site paid for, no? This last video set me off at first until I read your commentary. Between the lines I can see your intellectual analysis. I would prefer you illuminate some of these videos with a well written background piece. You could, for instance, write a concise blurb about the history of scapegoating, or the origins of scapegoating CEOs. This would increase the value of the site. If you have any comrades-in-arms you could have them write something as well. Nothing lengthy. I tend to use your site for your point of view and as a kind of filler for all the things I haven’t gotten to reading yet anyhow. This is one denizen’s take. Do any other visitors wish to contribute?
Leave a Comment