Waxman, having waxed poetic and having sharpened his disemboweling cutlasses, calls a three minute recess, and then calls for His Fuldness.
Stay tuned. Fuld after the jump.
Boy, it's kind of hot in here. Don't you think?
Hey, is that Tom Chadam over there?
We like to have our witnesses swear here. How about that Dick?
Sure, uh, now?
I take full responsibility for the decisions that I made, and the actions that I took. With the benefit of hindsight, I would have done things differently. I am am a Lehman lifer. I never sold the vast majority of my Lehman Brother's stock. Contrary to what you may have read. I never turned down an offer to sell Lehman Brothers. Naked Short Sellers and market manipulators caused the rating agencies to downgrade us. It is too late for Lehman Brothers. If I can help this committee at all, I welcome the opportunity.
We'd asked you for your compensation details. You've taken home $480 million dollars since the year 2000. You and your wife own some paintings. You know, worth like a million dollars. What the hell, man? Is that fair?
Uh... uh... well... I'm going to talk as slowly... as... I... uh... can... and... hope... everyone... gets... tired... uh... yes... but... those numbers... look right.
Now c'mon, is that fair? Huh? And with you all levered up like that, what the hell were you thinking?
Well, there's leverage, and then there is NET leverage. Bet your staff didn't tell you about that, did they? Hah!
Ok, what would you suggest we do, genius, eh?
We need to set up a master netting system. Where all trades and transaction, positions, are all downloaded nightly. The regulator would have a complete view of the financial landscape.
Can you hear me now? Hey, in case you didn't notice, you're supposed to be the villain today. Ok, since we have that out of the way. Tell me, how much did you give to political interests? Looks like you gave too much to Hillary.
What, between you and the PAC, a few hundred thousand or something? Would it surprise you to know that Fannie and Freddie spent $170 million or so?
That's probably a matter for your committee. *sly smirk*
Mr. Fold, we've been reading your email here for weeks and it seems clear that the mood of Lehman employees was really shitty.
With all these foul moods, why in the world would you institute a stock buyback plan?
You have no clue what you are talking about, you don't understand dilution, you shouldn't be permitted to handle sharp instruments alone.
Hey, didn't the mortgage originators steal this money?
How the hell do I know? I don't read each of the loan documents.
Were you betrated by Paulson? Did he throw you to the wolves? Did he stick it to you? C'mon, we want to see you guys turning on one another. What about this collateral call?
Ok, so you don't understand the difference between collateral and leverage. Duh. Plus, I'm not going to talk about that. The creditors and JP Morgan are about to get into it over this.
Hi. I'm Diane Watson. I'm going to teach you about disclosure requirements for public companies. How's that sound. How about you tell me how bad the regulation was. I mean, you are so boring to attack. It's like pushing on a rope with you. Give me someone I can sink my teeth into.
Yes, Congresswoman.
Mr. Fold, can you tell us who that person is behind you?
Hmmmmm.
Hey, so I know the FBI is considering an investigation. I guess it is just an inquiry at this point though. Want to tell me anything incriminating about your discussions with investors or anyone else?
Nah, not really.
Hey, jackass. You paid $20 million out to the center of gravity at your firm for mortgage sludge. Why shouldn't we use hindsight to clawback funds that were paid?
Actually, we have a long-term compensation system. I took a huge bath by extending vesting on options and restricted stock, even for my own options and stock, to ten years. That's gone. No severance, no golden parachute, no contract for Dick Fuld. I believed in this company, banking, and Truth, Justice and the American Way. *Oh beautiful, for spacious skies... for amber waves of grain....*
Did they screw me over? "Until the day they put me in the ground... I will wonder."
Wow. The Grim Reaper Fuld.
Posted by guest, Oct 06, 2008 12:39PM
hhhhheeeeeeerrrrrreeeesssss dick!