Dick Fuld’s half billion dollar pay
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.