Oct 6, 2008

Lehman Bros CEO in front of Oversight committee today..

Its on Cspan, and Richard Fuld is humble as hell. You can watch it on TV or online here. He has tried to blame the whole mess on people not paying their mortgages.

Give me an effin' break dude. Reuters has a writeup here. From the Reuters article:
Excessive executive pay will be a theme at the hearing. Multimillion-dollar salaries and golden parachutes for exiting executive has been a hot topic of debate as the House and Senate worked to craft bills to bail out foundering financial institutions.

Fuld received $22 million in bonuses alone for 2007, although he is not receiving a golden parachute.

Fuld, who in a four-decade career at Lehman deftly steered the company through the Asian debt crisis of 1998, is widely seen as having been far to slow to recognize the bank's need to raise capital and shed bad assets prior to its collapse.

Lehman, the biggest investment bank to collapse since 1990, listed $639 billion in assets at the end of May in its bankruptcy filing.

How can anyone say $22 million for one year isn't a golden parachute? He allowed a company to dissolve into insolvency for christ's sake. Kucinich is grilling him now.

On Tuesday, the committee will rake former AIG CEOs Robert Willumstad, Martin Sullivan and Maurice "Hank" Greenberg over the coals.

I will put up video when I locate some..its ironic as hell to watch this guy try to explain away how Lehman Brothers fell apart and what the government can do to make it all better.

Update: Here is some video of Waxman and Fuld:

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