Knock Out - Lehman Brothers CEO Gets "PUNCHED IN THE FACE" At Company Gym!

[kpete]

Eyeblast TV

Knock Out: CNBC Confirms Lehman CEO Punched at Gym
Network verifies reports Richard Fuld was attacked for financial institution's bankruptcy.

By Jeff Poor
Business & Media Institute
10/6/2008 3:59:29 PM

It seems anxiety from the financial crisis is reaching new highs, but the tipping point for one individual came at the Lehman Brothers gym in the midst of the company’s collapse.

While former Lehman CEO Richard Fuld was testifying before the House Oversight Committee Oct. 6, CNBC reported he had been punched in the face at the Lehman Brothers gym after it was announced the firm was going bankrupt. CNBC and Vanity Fair contributor Vicki Ward said Fuld was attacked at the gym on a Sunday following the bankruptcy.

“Frankly, I sat there and listened and I’m with the guy who apparently, the day before Barclays announced they were coming in and Lehman had already filed for bankruptcy, went over to him in the gym and punched him because that’s how I feel when I, you know, when I watched that,” Ward said on the Oct. 6 “Power Lunch.” “I didn’t think he was contrite at all, I thought he was arrogant.”

Ward confirmed previous reports about the incident that reportedly occurred Sept. 21 and said the information came from “two very senior sources.”

more at:
http://www.businessandmedia.org/articles/2008/20081006150152.aspx

[jimshoes]

1. He got off lucky for a guy who

would probably in days gone by, be broken on the wheel.

[LiberalFighter]

2. Too bad it wasn't a woman that punched him! That would had been funnier than heck.

[Swamp Rat]

3. k&r

[cui bono]

4. Do you have little elves helping you make those so fast?

;)

Love them by the way, but you knew that. :)

[anigbrowl]

8. Ah....Fuld is not employed by Barclays.

Amusing Photoshop, but also quite misleading.

Barclays has bought a big chunk of Lehman brothers, but Fuld doesn't work for them; he still works for Lehman, and is currently administering their bankruptcy procedures (most of the subsidiaries have been sold off to other banks, but Lehman technically still exists).

Personally, I think Fuld is getting a really bad rap. It looks to me that, as the smallest bank on Wall Street, it was decided that they could safely be thrown to the wolves and Lehman was deliberately shafted by the Fed and the other large banks. For example, Fuld begged the Fed to allow him to reorganize Lehman as a commercial bank; they refused, but a mere week after Lehamn declared bankruptcy, they allowed JP Morgan and Goldman Sachs to do exactly that.

So Fuld made a lot of money over the last 8 years. I have no problem with that; Lehman used to be a star bank and had an outstanding reputation, punching far above its weight. Fuld worked there for 40 years, starting out as an ordinary clerk and eventually rising to become CEO...which is how you're supposed to do it. Now he's being scapegoated for a lot of stuff that was never in his control to begin with. He's not broke, so I don't feel too sorry for him, but at the same time I think he is catching a lot of blame right now for the action of others.

don't get distracted: Dick Fuld is not the big bad evil genius of Wall Street, he's the designated whipping boy. As best I can tell, Lehman went down because they actually tried to do things by the book.

You might find this interesting: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3648839.ece
Lehman Brothers may have been defrauded out of more than $350 million (£175.8 million) in an alleged Japan-based scam of “epic proportions and sophistication”. Tokyo-based investigators said that the alleged confidence trick, which involved meetings at the headquarters of one of Japan’s most famous corporate names, could have been pulled on many more Japanese and Wall Street investment houses.

Lehman Brothers has already filed a criminal complaint and today plans to sue the Marubeni Corporation over its refusal to pay back the money apparently loaned with its backing to a now-bankrupt fund at the heart of the alleged fraud. Lehman’s exposure, which emerged when the fund failed to make a payment in late February, has triggered two other regulatory inquiries. The Financial Services Agency is understood to be looking into Marubeni’s involvement, while the Securities and Exchange Surveillance Commission has begun investigating the case on suspicion of insider trading by contacts of the alleged fraudsters.

There's a lot more to this than meets the eye.

[Swamp Rat]

11. SPAMMER!!!

:hi:




edit: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4180408&mesg_id=4180748

[anigbrowl]

14. How am I a spammer? I wrote the above first and then copied it in case you missed it.

Let me see, it's OK for you to post your picture repeatedly, but not OK for me to do the same with my comment? What is your problem?

[Swamp Rat]

15. Well, your post was inane gobbldygook that I clicked on twice.

Support fascists somewhere else.

[anigbrowl]

16. I can't help it if you're illiterate

I guess if it's 'gobbldygook' to you there's nothing I can do about it. And there was me thinking you were the sort of person who'd want to have his facts straight.

[Swamp Rat]

18. LOLOLOL!!!!!

:rofl:

[AntiFascist]

32. Bwahahahahha.....

BUY...NO, SELL!!! (Old ladies and children first).

[arcadian]

19. Ha-Ha! Spot on.

Sarah Palin eats hamsters for breakfast!

[Swamp Rat]

21. Check it out!!!

Then there were two! :D

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4180408&mesg_id=4181019

[OnceUponTimeOnTheNet]

17. Kucinichs questions involving Paulson were rather tasty today.

Fuld reminds me of Christopher Walken in a way. One cool cucumber.

[anigbrowl]

22. Yeah. I haven't made my mind up, but I think Fuld/Lehman got screwed

And I'm starting to think he was hung out to dry to buy some of the larger banks time. He definitely made some mistakes - reassuring staff that things were OK when in fact things were pretty bad - but so far he's one of the only people I've heard taking responsibility for them. Leave aside the fact that he's out a huge amount of money, since he's still not broke...but as best I can see, he was actually behaving pretty responsibly as CEO and doing his job the way he was supposed to.

If the aftermath of this involves some major Wall Street figures going to prison (as I think it should), I don't think Fuld will be among them.

[OnceUponTimeOnTheNet]

28. That was the way Kucinich was going, Lehman was Perhaps screwed by Paulson.

Kooch asked him ~Do you think you were mislead by Paulson?
Fuld ~I SINCERELY hope not.

It was a rather pregnant statement, almost as if this idea had not occurred to Fuld before.
Interesting times ahead.

[Ichingcarpenter]

26. Lehman Brothers ..... Jeb Bush, George Herbert Walker,

board members........ yeah nothing to see here..... move along.......

[anigbrowl]

29. ??? They are NOT on Lehman's board of directors

http://www.lehman.com/who/bios/board_directors.htm

Can you explain what you meant? I think you're referring to the fact that they hired Jeb Bush as a consultant back in 2007. They did not hire the 41st President; in 2006 they hired a George Walker, who's a second cousin of the current President. I don't approve, just trying to keep the facts straight.

[dixiegrrrrl]

10. You must be a mind reader, Swampie

I looked at Fuld's face in the hearings and that is exactly the uniform I saw him in.

:applause:

[Selatius]

23. When I saw his face, I thought he looked like a "wannabe dictator." You just crystallized it for me.

:rofl:

[guitar man]

5. haha!

somebody deserves a medal! :D

[hamsterjill]

6. A true American!

I'd like to shake the hand of the puncher!!! And I want to ask him if it felt really good to do it!

[FatDave]

7. However hard they may have punched him...

It wasn't hard enough.

[anigbrowl]

9. See #8. also, there are rules against advocating physical violence on DU

[FatDave]

12. OK, put it in your report.

:eyes:

[Swamp Rat]

13. LOL!

:D

[Ichingcarpenter]

30. Lehman's Golden Parachutes Were Being Secured While Execs Were Pleading For Federal Rescue

The panel unearthed internal documents showing that on Sept. 11, Lehman planned to approve "special payments" worth $18.2 million for two executives who were terminated involuntarily, and another $5 million for one who was leaving on his own.

That was just four days before the government let Lehman go under, touching off a cascading series of financial shocks and failures that put Washington on track for the multibillion-dollar rescue the Bush administration urgently requested from Congress at the end of that week.

Waxman released e-mail correspondence from June 2008 in which Fuld dismissed the suggestion from executives at a Lehman subsidiary that the company's top people forgo bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."
Fuld wrote, "Don't worry _ they are only people who think about their own pockets."

The suggestion came from executives at Lehman's money management subsidiary, Neuberger Berman, who also were recommending that Lehman spin off its business to insulate its employees _ and their bonuses _ from Lehman's sagging stock price and from "management mistakes."
George H. Walker, President Bush's cousin and a member of Lehman's executive committee, breezily shot down the ideas, according to the e-mails.

"Sorry team. I am not sure what's in the water at" Neuberger Berman, Walker wrote to the rest of the executive committee. "I'm embarrassed and I apologize."
http://www.huffingtonpost.com/2008/10/06/lehmans-golden-parachutes_n_132258.html?page=11&show_comment_id=16497970#

[JNelson6563]

20. He's lucky he was in the rarified air of private gym

and not in the 'hood where he'd've been shot dead.

Once again it is shown the larger the crime, the lighter the punishment. Want to get off with just a punch in the face? Make off with billions. Want to get shot dead in the street? Rip off your small time dealer for small time goods.

Julie

[Selatius]

24. That's the truth. nt

[anigbrowl]

27. But whose billions do you think fuld made off with?

Not that I'd offer them up as a model of successful banking, but it looks quite like Lehman got screwed rather than setting out to screw anyone. It's notable that the Fed allowed the big banks like Morgan Chase and Goldman Sachs to reorganize as commercial banks, but not Lehman, for example. And the fraud that took place against them in Japan earlier this year is troubling. Meantime, they've been under attack from short dealers for months on end.

After following the saga of this general fiasco for over a year, I'm not all sure that Fuld is one of the bad guys...unless you think that anyone who makes big money is automatically a bad guy.

[JNelson6563]

33. Ok, you can drop the Rethug talking points

I don't have a problem with people with money, I've been one and I come from such people so you can drop that.

I know Fuld didn't make off with billions, only about half a billion. The industry as a whole made off with billions. I am also aware of the respective role of Lehman compared to the others and yes, in comparison, they were the "good guys". Sadly Lehman didn't have a pal on the board at Carlyle.

Still I gotta say, to see you running all over DU defending this guy, funny stuff (your RW talking points not withstanding). I saw this guy's opening statement with his whole poor me routine. Dragging a cross about while lamenting he still holds a million shares of Lehman. Gosh one would think this guy was a real victim till Waxman started listing those compensations.

Poor lil Bunky, I don't know how the Fuld family is going to muddle through. Those investors with Lehman who suffered real losses, they're simply whiners. The poor Fuld family, we should all be weeping for them. Perhaps they could sue the guy who threw the punch. Might be able to at least squeee egg-money outta that big ol' bully.

Bottom line, sorry but there are no blameless souls in the industry. So Lehman wasn't as down and dirty as some others. I guess that's all it takes to not be one of the "bad guys" nowadays.

I'll stop there and see if you've another RW TP in store for me (and anyone else who apprently doesn't think too highly of Fuld). You shouldn't be too quick to assume. Can lead to one looking a bit foolish.

Julie

[Chimichurri]

25. Credit Default Slap Program.

[HEyHEY]

31. dang, I was hoping for a youtube vid

[OakCliffDem]

34. Kick