Comments on: Lehman CEO Dick Fuld resurfaces

By: steve NYC

steve NYC — Fri, 28 Aug 2009 20:41:04 +0000

Dick Fuld, and the rest of his crony counterparts, should all be in jail. What is the delay, I just dont understand it. He has taken a desk job, because he needs the money. Are you kidding?? The money that he has taken, is inconceivable. Round them all up, for restitution as well as a prison sentence.

By: Michael Collins, NY, NY

Michael Collins, NY, NY — Mon, 30 Mar 2009 04:13:01 +0000

Did Fuld lose $650 million or $1 billion? Who cares?

Does anyone remember Enron and their mgmt team. Well, if you don’t, Google Ken Lay and Jeff Skilling. Then let’s remember the words and actions of Ken/Jeff and Dick/Joe.

Why is Fuld not in Jail or at least being sued just like Lay?

By: Eric, Portland, OR

Eric, Portland, OR — Sat, 11 Oct 2008 19:41:13 +0000

The money Fuld took out of Lehman (stole?) is more than than just a paycheck you and I get for showing up to work and at least doing an ok job. When you’re making that kind of coin, it’s a contract. If you provide competent management, you will be handsomely rewarded. Fuld didn’t provide the competent management, he defaulted on that contract and should have every penny reclaimed and put into this $700 billion mess.

I bet Dick is hoping he’s not left standing when the music stops. Someone has to go to prison for this mess, he seems like a good candidate to me.

By: Kylee,Bowdle,SD

Kylee,Bowdle,SD — Sat, 11 Oct 2008 07:15:25 +0000

I Own a small Drive-Inn and do you think if I go broke because people dont have money to eat out, that I’ll get a free $400,000 trip no!!! Do you now what hard working people get??? Nothing!!! If we go broke its no vacation for us, its a lifetime of struggle!!!! What about these small business???? How come everyone bails Million Dollar Componies out so they can take a vacation. I have worked since I’ve been 12 years old sometimes 3-4 jobs just to support our family and you now what I’ve never had a vacation so what does this tell us all…Something is screwed up!!!!!!!!

By: Jh, Anchorage, AK

Jh, Anchorage, AK — Fri, 10 Oct 2008 21:20:10 +0000

Gina, your idiotic comment is why Americans have been led to the slaughter and not know it, until they cannot pay bills, or feed our kids. This mans job was based on keeping the best interest of his trusting clients money and protecting it. He not only failed, he is a criminal. Please wake up and fight for good in America. We need a complete washing of our financial system and the politicians and other crooks, that look to profit from we the average American.

By: Don Burnstein, Indianapolis, Indiana

Don Burnstein, Indianapolis, Indiana — Wed, 08 Oct 2008 21:58:33 +0000

I really enjoy the comments that blame middle America for the current crisis. I too manage my money well. But by no means do I consider this melt down the responsibility of middle Americans.

These are the same Americans who haven’t see a real wage increase in 8 years. They don’t get billions of dollars in bonuses in January for pushing paper spread among a very small group of people.

I’ve seen a Wall Street Scandal at least once a decade for the last 30 years. But this is a first, where these masters of the Universes are laying blame for this mess at the feet of middle America.

What these people are saying is don’t trust a banker or a used car salesman. In fact trust a banker less. A used car salesman will only sell you a lemon. A Banker will sell you money under terms that will ruin your life to for a few hundred basis points in extra profit.

Alright , us middle Americans get the message. Bankers are worse than the average buy-here-pay0here used car salesman. It’s too bad we all have to pay for this knowledge with tax dollars from paychecks that don’t even cover basic living expenses.

It shall be burned into the brains of starting in high school. Never, ever trust a banker. Even when it comes to shelter that is a basic human need.

Don’t trust a banker or a broker for financial advice. of any kind. Don’t trust a banker or broker to help you navigate the increasingly complex world of financial products.

For God sakes don’t lend a banker any of your money either. They can’t pay it back with this idiotic fractional reserve system that has them leveraged 18:1. Can you iamgine owing 18.00 dollars for each dollar of asset that you have? My God. No one would ever allow that!

If you think the govt will protect your on-demand loans to a banker consider that the Govt has also jumped into the financial cesspool with a debt so gargantuan it can never be paid back.

Why would they be able to guarantee you loans to a banker who is lower than a used car salesman.

Buy a used Car from eBay and don’t trust brokers or bankers with your money. That’s what they are telling you because if you hadn’t trusted the brokers or the bankers, this problem wouldn’t have happened. Boy are we stupid.

Now that we know, I suspect the help these bankers seek will be harder to come by. After all they can’t be trusted. They just told us that. Don’t let them prove it again.

By: Gina, Washington DC

Gina, Washington DC — Wed, 08 Oct 2008 14:50:31 +0000

A bunch of sincere folks on here, I just wish you knew what you are talking about:)

I admire Mr. Fuld and and believe that everything he has done was intented to be of best interest for Lehman, HE didn’t fail….the system DID,
Stop blaming him for what happened, he was with LEH for 30 years 15 of which calling the shots…pretty succesfully too ….imagine how he feels right now,
You can call him whatever, in my books he is one of the brightest and always will be !!!!!!!!!!!!!

By: Diego,Montevideo,Uruguay

Diego,Montevideo,Uruguay — Tue, 07 Oct 2008 13:10:38 +0000

Yeah,sure…He was a devote in filling his own pockets… Is not more than a criminal. Why the U.S. Governement don´t say to him to payback the money who get? He and his executives.
Who is next? Dick,with tears in his eyes infront a camera? Come on!!!!
Don´t be stupid… He was so clever to manage a company and so stupid for don´t see the crisis???
Give me a breack

By: Bock, Limerick, Ireland

Bock, Limerick, Ireland — Mon, 06 Oct 2008 19:30:32 +0000

With $480 million in his back pocket, I imagine Dick isn’t too worried about his reputation being ruined.

By: Jeff E. Tulsa, OK

Jeff E. Tulsa, OK — Wed, 01 Oct 2008 15:32:41 +0000

At the risk of upsetting all of you financial geniuses out there, I’ll tell you all straight up and honestly who is to blame for this financial catastrophe. Everyone that thinks they can get “free” money by charging “usury” to the common man or struggling business. Greed caused this mess and greed will continue to have its effects felt as long as there are these types of people. As long as there are people who want something for nothing and a government that allows it, we will have this boondoggle. A blind man could see it…it is the American way to want something for nothing or pay just a little less for things than the next guy. We have sold out our own country because of greed and the thought that “we” are special and everyone else can go fly a kite. We have bought foreign cars from Japan, foreign clothes from Mexico and China and we continue to pump all our money overseas to save a buck rather than buy American and save our country. I’m quite sure that all you suits will say it’s got to be something really complicated (that we should form a “committee” and analyze it!) or some such nonsense. The real truth is that no one wants to work anymore and everyone seems to think that they are “special” and deserving of some astronomical paycheck just for showing up for work. Get a clue! or get in the unemployment line.

By: anonymous San Francisco, CA

anonymous San Francisco, CA — Wed, 01 Oct 2008 00:06:07 +0000

I am so sick of reading the ignorant statements of people who dont understand enough about the financial system to understand that what happened is not merely the result of “crooks on wall street”. Dick Fuld is a dedicated CEO who devoted his entire life to building Lehman Brothers into the sucessful institution that it was over the last several decades. None of you stock holders were complaining 2 years ago while your stock was at $80 a share were you? Everyone was singing his praises but now that he has failed to navigate what is universally agreed upon to be one of, if not the MOST difficult financial environments of the last 100 years, people are happy to call him a crook. The guy is human and like so many other smart investors, failed to see to extent of the trouble facing US creditors and the economy at large.

By: Anne Stiefel Naples Florida 34103

Anne Stiefel Naples Florida 34103 — Sun, 28 Sep 2008 19:50:00 +0000

I had part of my money invested with Lehman in preferred stocks and that was my retirement nest! I am almost 70 years old and it is very unfair what happened to people like me who trusted the system and found themselves screwed and forgotten.
They should give our money back we are innocents victims of the dishonnesty of these crooks.

By: Bill Orlando,FL

Bill Orlando,FL — Sun, 28 Sep 2008 03:27:52 +0000

I see several points of view on here variously blaming: the govt., Wall Street, main street. What no one has said yet, is that all are to blame. The govt. (not Bush, blaming him is a panacea for whatever is wrong) meaning both branches, both parties have failed miserably regarding understanding what was happening, and regulating it. Wall Street is guilty of abrogating what is probably their most important resposibility as and to investors: identifying, planning for, and minimizing risk. And main street is responsible for not doing their due diligence so that they understood the markets (real estate) and contracts (mortgage loans) that they were party to. And really, it’s all about a lack of due diligence in each case. The information was there to be had, but NO ONE wanted to get off that carousel because the ride was too much fun. We all have responsibility for this mess to some degree and now we need to quit pointing fingers and deal with it.

By: bill orlando,fl

bill orlando,fl — Sun, 28 Sep 2008 02:43:43 +0000

A little perspective on blaming mortgage brokers. 1st- brokers do NOT set the guidelines for loan programs, investors do. 2nd- if someone walks into a brokers office and qualifies for a loan program and the broker refuses to do the loan, he/she can be sued for discrimination. 3rd- ignorance of the terms of a financial transaction that you choose to participate in is your responsibility. When did we start blaming others for our own ignorance. Blaming brokers is akin to smokers who contract cancer blaming the 7/11 for selling them the cigarettes.

By: Kevin, Palm Harbor, Florida

Kevin, Palm Harbor, Florida — Fri, 26 Sep 2008 20:02:54 +0000

Mr. Fuld and all the other senior executives on the Street were playing by the rules of the game as set by Congress when they repealed Glass Steagal. Sure they lobbied for years to get it overturned. As capitalists, we all push whatever envelope were are dealing with and that’s all they did. That’s not a crime. It’s a shame that this happened and happened so quickly but it’s just a small part of the decline in America’s dominant position in the world started when Bush stole the 2000 election. Get over it!

By: Randy W, Cincinnati,OH

Randy W, Cincinnati,OH — Fri, 26 Sep 2008 19:16:03 +0000

It is VERY important to realize that those (below) average Americans wanted what MOST Americans wanted- their own home. Because of their naivete, they typically assumed that the “smart” banker KNEW how much home they could afford, and would only give them that much money. What they did not know was that the “smart” banker DID know what they could afford, but fashioned a loan program that would work for 6-months or a year before blowing up- well after the “smart” banker had sold the paper to another “smart” banker. GREED will always lead to a bad ending for someone- usually NOT the first player.

By: T Francis, NY, NY

T Francis, NY, NY — Fri, 26 Sep 2008 17:51:32 +0000

Point well taken….let’s not lose sight of the fact that the “toxic mortgages” were originated by (below)average Americans who allowed themselves to be talked into something they knew they could not afford. It is time for these people to take responsibility for their actions and live with the consequences. It is time to stop blaming McDonald’s for your obesity problem, the shady mortgage broker for your ignorance and the banks for throwing you out when you don’t pay your mortgage!

THe Wall St. “bailout” is actually a rescue plan for the American economy and not a handout to Wall St. bankers. If a plan is not passed by the (nearly incompetent) government of this country not only will Wall St. continue to crash but try getting a loan to buy your John Deere tractor in Iowa! Wake up people it’s time to start thinking clearly and be responsible for yourself.

By: Rob, Bordeaux, France

Rob, Bordeaux, France — Fri, 26 Sep 2008 16:06:45 +0000

Mr. Fuld should be wearing a sackcloth and ashes for the rest of his sorry days, for co-leading the US’ and the worlds cremation of Capitalism.

By: Junie, njc

Junie, njc — Fri, 26 Sep 2008 15:38:48 +0000

Everyone should pay full restitution to the companies they have “hedged into the ground” and pay full consequences for their greed.

No Bail out should be offered PERIOD by Paulson, Bernanke, and the lame duck presidon’t Bush.

These greedy institutions have bet,gambled and behaved like drug addicted junkies.

They need to file for bankrupcy if that is necessary , but any golden papachutes paid out to any CEO,COO, CFO in the years leading up to this need to be forfeited or paid bach in punitive restituion. They need to be prosecuted as do the politicians proposing horrible “rescue rewards”.

By: Michael, Wilkes-Barre PA

Michael, Wilkes-Barre PA — Fri, 26 Sep 2008 15:36:48 +0000

Let’s face facts. “Educated” Americans are vastly outnumbered by clueless idiots. People with a clue live amongst a neighborhood of sheep who just want their piece of the pie. Look at how many people voted to re-elect GWB! It is the job of the educated minority to protect ourselves and the masses – the majority of idiots – from ourselves. There are many idiots out there and we need good, well enforced policies in place to prevent these idiots from making bad decisions, not to mention preventing soulless money grubbers from fleecing them and the system. Suckering an idiot into accepting a mortgage that he or she cannot live up to is not the fault of the idiot.