Lehman Bros steered millions to departing executives while pleading for rescue

Mark Wein

Mark Wein

Grand Poobah
Staff member
http://news.yahoo.com/s/ap/20081006/ap_on_go_co/meltdown_lehman

Waxman said that in January, Fuld and his board were warned the company's "liquidity can disappear quite fast."

Despite that warning, he said, "Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."

Waxman quoted Fuld as saying in one document, "Don't worry" to the suggestion that executives go without bonuses.

That suggestion came from Lehman's money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush's cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses.

"Sorry team," he wrote to the executive committee, according to Waxman. "I'm not sure what's in the water at 605 Third Avenue today.... I'm embarrassed and I apologize."
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Re: Lehman Bros steered millions to departing executives while pleading for resc

Yes, the world is full of trickery >:(
 
They got a bit of Marie Antoinette Syndrome going on there.

Not uncommon for the rich and privileged.
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

These people should have to all make a donation, right from their own pockets, from their own bank accounts, and from their own portfolios, to pay for my family's mortgage for a year. And every other American family's mortgage for a year. And so should every Wall Street firm like these guys who profit off of fear mongering, and making things tougher for the rest of the country while they get rich.
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

ChihliDog said:
These people should have to all make a donation, right from their own pockets, from their own bank accounts, and from their own portfolios, to pay for my family's mortgage for a year. And every other American family's mortgage for a year. And so should every Wall Street firm like these guys who profit off of fear mongering, and making things tougher for the rest of the country while they get rich.
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Yeah right.

Do you realize that if the government had just passed the bailout and given every single American citizen over 18 an equal cut, it would be almost $250,000 per person? Most of us wouldn't have a mortgage anymore. I sure wouldn't. This isn't about us. It's about them.
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

xqqmytude said:
ChihliDog said:
These people should have to all make a donation, right from their own pockets, from their own bank accounts, and from their own portfolios, to pay for my family's mortgage for a year. And every other American family's mortgage for a year. And so should every Wall Street firm like these guys who profit off of fear mongering, and making things tougher for the rest of the country while they get rich.
Click to expand...
Yeah right.

Do you realize that if the government had just passed the bailout and given every single American citizen over 18 an equal cut, it would be almost $250,000 per person? Most of us wouldn't have a mortgage anymore. I sure wouldn't. This isn't about us. It's about them.
Click to expand...

I certainly know that, and I am not kidding myself to think it would ever happen. Just sort of venting.
 
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
 
thredlok said:
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
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I want a good ol' tar and feathering. >:(
 
thredlok said:
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
Click to expand...

I totally agree. All bonuses and stock options cashed in over the past 12 months should be forfeited...

BRB - I gotta walk my daughter to school.... :grin:
 
denverdave said:
thredlok said:
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
Click to expand...

I totally agree. All bonuses and stock options cashed in over the past 12 months should be forfeited...

BRB - I gotta walk my daughter to school.... :grin:
Click to expand...

Just unbelievable that these guys get to hang on to these rewards for destroying the worlds economy. I really hope there is some jail time handed out over this.
 
markwein said:
denverdave said:
thredlok said:
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
Click to expand...

I totally agree. All bonuses and stock options cashed in over the past 12 months should be forfeited...

BRB - I gotta walk my daughter to school.... :grin:
Click to expand...

Just unbelievable that these guys get to hang on to these rewards for destroying the worlds economy. I really hope there is some jail time handed out over this.
Click to expand...
You mean resort prison with daily massages? Yeah~ :(
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

xqqmytude said:
Do you realize that if the government had just passed the bailout and given every single American citizen over 18 an equal cut, it would be almost $250,000 per person? Most of us wouldn't have a mortgage anymore. I sure wouldn't. This isn't about us. It's about them.
Click to expand...

I really don't want to argue, but I don't think that's right.

According to this source: https://www.cia.gov/library/publications/the-world-factbook/print/us.html

There are about 243,000,000 Americans over the age of 15. (Don't see an over 18 #)

Divide it out and you get a little less than $2900. The population would have to be 2.8 million for the entire US for everybody to receive $250,000.
 
xqqmytude said:
markwein said:
denverdave said:
thredlok said:
They should be going after the golden parachutes and performance bonuses that were given before the bail out, as misappropriated funds >:(

and then beat the snot of out of them :wink:
Click to expand...

I totally agree. All bonuses and stock options cashed in over the past 12 months should be forfeited...

BRB - I gotta walk my daughter to school.... :grin:
Click to expand...

Just unbelievable that these guys get to hang on to these rewards for destroying the worlds economy. I really hope there is some jail time handed out over this.
Click to expand...
You mean resort prison with daily massages? Yeah~ :(
Click to expand...

No, I mean PMITA prison....where they can be this guys new wife:

curtis.jpg
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

Prages said:
xqqmytude said:
ChihliDog said:
Do you realize that if the government had just passed the bailout and given every single American citizen over 18 an equal cut, it would be almost $250,000 per person? Most of us wouldn't have a mortgage anymore. I sure wouldn't. This isn't about us. It's about them.
Click to expand...

I really don't want to argue, but I don't think that's right.

According to this source: https://www.cia.gov/library/publications/the-world-factbook/print/us.html

There are about 243,000,000 Americans over the age of 15. (Don't see an over 18 #)

Divide it out and you get a little less than $2900. The population would have to be 2.8 million for the entire US for everybody to receive $250,000.
Click to expand...

I didn't do the math. I read it somewhere.
Click to expand...
 
Re: Lehman Bros steered millions to departing executives while pleading for resc

Prages and Tude fail at using the quote function. That hurt my brain. :P
 
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