Waxman hammering Lehman's Ex-Chairman Fuld on getting $482 million in compensation

[Ikonoklast]

Waxman keeps asking Fuld "Is that fair?" and Fuld is choking.

Literally.

[buzzard]

1. I am watching and he seems to think it is fair as far as I can tell, disgusting.n/t

http://www.c-span.org/Watch/C-SPAN_rm.aspx

[Ikonoklast]

5. Robber Baron of The New Gilded Age.

Fuld is a thief of the highest order.

I wonder if my tax money will help fill the fuel tank of his private helicopter.

[buzzard]

2. If you have time this is worth watching.n/t

[chill_wind]

6. kick and rec

Listening now--

[eleny]

3. Fuld displays such arrogance

I hope he's sweating inside because he's trying to look cool as a cucumber under Waxman's questioning.

[CountAllVotes]

4. it is good to see this bastard sweating blood

may the sweat continue until it seeps into the rest of the pigs on the corrupt Wall Street!

Get 'em Waxman!

:kick:

[Zenlitened]

7. I can't tell if Fuld is on the verge of crying or exploding in anger.

Maybe both?

In any case, he doesn't seem too pleased about being questioned by the hired help. (I.e., Congress.)

[MadrasT]

8. It's a beautiful thing. n/t

[4 t 4]

I missed the part about

all that Fuld has and is worth, can someone just give me an idea about what was said?

[Ikonoklast]

27. From Cityfile website

Keeping score
Fuld pocketed some $40 million in 2007, roughtly the same amount he took home in 2006. Thanks to his substantial holdings of Lehman stock, Forbes estimated his net worth at $1 billion just before the credit crisis began in 2007. His fortune evaporated during Lehman's final few months.

Personal
Fuld and his wife Kathy have three kids, Jacqueline, Chrissie, and Richie, and own an estate in Greenwich. In February 2007, they purchased an apartment at 640 Park from the estate of the late publishing heiress Evelyn Annenberg Jaffe Hall for $21 million; construction on the 16-room, full-floor apartment is still underway. Fuld and family spend vacations at homes in Florida—they paid $13.75 million for a spread on Jupiter Island in 2004—Vermont, and Idaho.

Off hours
The intensely competitive Fuld is also a championship-level squash player. His Greenwich estate is home to an indoor court that he says he uses daily.



Wall Street Thief.

[4 t 4]

31. Thank you n/t

[aquamarina]

9. Why can't we make these people pay it back?

I swear, a few of these CEOs could singlehandedly come up with the $700 billion from their own bank accounts and get us out the mess they created.

[OneGrassRoot]

14. Agreed. n/t

[aquart]

17. Yes. And ten million less each and we could hire Americans to work.

Or did that never occur to anyone?

[bdamomma]

33. they can probably pool all their money together

and bail us out, time to sell those vacation homes, and yachts and helicopters. This is a class war.

[The Backlash Cometh]

53. We would have to look backwards in order to find the reason to pay it back.

We're not allowed to turn our heads. We're suppose to be like those ducks they march out every morning at a posh hotel.

[cui bono]

56. That was suggested in an alternate bailout plan.

But too many people were fear-mongered into voting for a useless bailout RIGHT NOW!!!

[bridgit]

10. Did you hear Fuld's pause when asked who compiled the compensation committee?

You could have driven three Hummers through it side by side. Fuld was "more involved" in the 90's but less so recently...what a cute little dance; by then the dye was cast.

[Ikonoklast]

16. Fuld thinks he's talking to idiots.

He may be surprised at just how much these committee members know and understand the capital markets.

[Subdivisions]

18. Also, he couldn't recall which other Lehman execs were

present at that committee.

[CountAllVotes]

11. jesus H

this bastard belong in JAIL!

:kick:

[aquart]

12. What's he got to sweat about?

He's keeping the money and the Republicans made damn sure every crime he committed was perfectly legal.

[Subdivisions]

13. How many times did Waxman ask Fuld if it was

fair for him to receive 1/2 billion dollars in compensation while everyone else when BK? And Fuld never gave a staight answer, did he?

[librechik]

21. He did wipe a little tear from his eye while pondering

I bet he suddenly thought of the cash he WON'T be getting this year, because of those damned investors...

[seemslikeadream]

15. One of the Wall Street Terrorist

CEO: Richard Fuld

Company: Lehman Brothers

On his watch: The firm declared bankruptcy on Sept. 15. In April he proclaimed to shareholders that "the worst is behind us," but for months he had dodged queries about the firm's exposure to toxic subprime debt.

Payout $22 million

[Tandalayo_Scheisskopf]

23. I wonder how many hours, in total...

He practiced that look in the mirror. Because you know he did.

[aquamarina]

29. He looks like that Gecko guy from the movie "Wall Street"

[slipslidingaway]

19. I agree with Kucinich that hearings should have taken place

prior to the bailout vote and other ideas should have been considered.

Watching this guy squirm after the fact may make some feel better, but this problem has been known for months if not years.

:(

[CountAllVotes]

24. years ...

this is nothing new. It just took awhile to catch up with the crooks on Wall Street. They were hoping they'd be able to put it off until after the election. However, this plan did not work quite obviously.

[slipslidingaway]

32. Agree it has been years and that is why I have no respect for the

politicians who said recently...

'If we had known, if we had more time to put together a better bill, passing this bill is better than doing nothing...'

That is just pure BS...IMHO.

[seemslikeadream]

20. Do you still have a home Fuld?

[Zenlitened]

22. Fuld is one dropped "g" and a "You betcha!" away from sounding like Sarah Palin.

Lots of words in his replies to the questions, but nothing in the way of actual, coherent answers.

[slipslidingaway]

25. 60 Minutes - story on mortgage crisis and credit default swaps

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4175272&mesg_id=4175272

[MadrasT]

26. Now they're going into political contributions n/t

[MadrasT]

28. "You're the villain today"

:rofl:

[bdamomma]

30. it is all about the rich in this country

and never mind about us middle/poor class people. I hate these rich fuckers.

[OhioChick]

34. All of his 'Summer homes"

"Expensive art" "helicopter" (to get to work if I remember correctly) etc.

Bloodsucker was speechess when asked on several occasions if it was fair....:grr:

[buzzard]

37. I think he doesn't give a shit sure he will sit through the hearings but at the end of the day he

walks away with his cash.

[OhioChick]

42. That's what pisses me off. n/t

[Ikonoklast]

40. Check this out, it brought tears to my eyes

bloomberg: Sept. 26 (Bloomberg) -- Kathy Fuld, the art-collecting wife of Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld, is selling a $20 million set of rare Abstract Expressionist drawings at a November auction, according to two art dealers.

Christie's International, which is offering the works in New York on Nov. 12, declined to reveal the seller's identity. The auction house announced the sale of the drawings, including three by Willem de Kooning, four days after Lehman filed the largest bankruptcy in U.S. history on Sept. 15. Two New York-based dealers who specialize in similar works said Fuld is the seller. They declined to be named.

``These kinds of drawings are extremely rare,'' said Amy Cappellazzo, co-head of Christie's Postwar and contemporary art department. ``The collector considers drawing as a primary art form.''

Richard Fuld earned $34.4 million in 2007 running the fourth-largest U.S. investment bank -- pay that lawyers said may be the target of lawsuits by creditors. He sold Lehman shares that were worth $247 million a year and a half ago for less than $500,000 last week after the stock price collapsed.

The Christie's auction includes the de Koonings, five Barnett Newmans, four Arshile Gorkys and four Agnes Martins. De Kooning's kinetic orange-haired 1951 ``Woman'' in graphite, charcoal, pastel and oil on paper is expected to fetch as much as $4 million.

The collection was assembled over a number of years, according to Cappellazzo, who said the seller first approached Christie's and rival Sotheby's about an auction in the summer. Christie's completed the deal in August, she said.

Fuld is well known in the art world for her passion for works on paper.

High-Level Buyer

``She buys at the highest level,'' said New York dealer Joan Washburn. ``If you have a great drawing, you offer it to her.''

Fuld is vice-chairman of the board of trustees at New York's Museum of Modern Art and has promised a number of artworks to the museum including works by Jasper Johns and Louise Bourgeois. Phone calls and emails to the press offices of Lehman and MoMA seeking comment from Fuld were unanswered.

Among the drawings slated for sale is a 1946-47 Gorky drawing titled ``Study for Agony I,'' estimated to sell for up to $2.8 million. The drawing is a study for ``Agony,'' a 1947 red and brown abstract painting owned by MoMA.

Newman's 1960 black-and-white ink-on-paper ``Untitled'' is expected to fetch up to $2 million. The same work sold at Sotheby's in New York in 1997 for $244,500, according to the Artnet pricing database. Billionaire Ronald Lauder is listed among prior owners in the 2004 Yale University Press ``Barnett Newman: a Catalogue Raisonne,'' a directory of the artist's output.

The Fulds lent two other Newmans to the artist's 2002 retrospective at the Philadelphia Museum of Art, curated by Ann Temkin, who was recently named MoMA's chief curator.

Larger Collection

Dealers say the works at auction are a small part of a larger collection which also includes contemporary artists such as Brice Marden. A New York dealer said a Jackson Pollock drawing owned by Fuld was offered for sale this summer at the Art Basel art fair held in June in Switzerland.

Since the Lehman collapse, Kathy Fuld has kept up her public appearances. Guests noticed her on Tuesday night at a farewell cocktail party at MoMA for retiring curator Kynaston McShine.

Source: bloomberg

[OhioChick]

48. Interesting....

"declined to reveal the seller's identity."

[TahitiNut]

35. "Scorched earth" executives destroy companies to achieve bonuses.

Once upon a time, when the top marginal federal income tax bracket was above 50%, executives received incentives in the form of "deferred compensation." That "deferred compensation" was originally premised on the long-term economic health of the enterprise - companies the went belly-up couldn't pay. Later, in order to decouple the retired executive from the long-term health of the company, "deferred compensation" was backed by insurance in the form of an annuity. At this point, the objectives of the executives actually became contrary to the viability of the company ... but consistent with short-term speculators in the equities markets. Let's be clear. The long-term health of a company is no longer the primary objective of either the executives or the majority of traders in the company's stock. It can be no surprise, then, particularly with "limited liability" and "plausible deniability" and an almost total absence of applicable criminal statutes, that the executives will act as vandals and pillagers within their own companies.

Even in Incentive Stock Options, it's to the benefit of executives receiving such ISO's to create a volatile stock price (e.g. "pump and dump") in order to set a LOW striking price and a HIGH market price at exercise time.

[nc4bo]

36. I personally would like to stone these bastards.....nt

[MadrasT]

38. Now he's trying to defend $10 billion in bonuses handed out to

employees. FAIL.

[tkayj]

39. Paulson/Bernanke comparable to Fuld

Fuld and the previous CEO/Chairman of Lehmen's both stood up
and gave glowing appraisals of Lehmen's standing over the past
year.  Phrases such as "fundamentally strong"
"inherently sound" were used.  Paulson and Bernanke
(and Bush, but we knew he was an idiot) stood up and used the
same terms, over the same time frame, regarding the U. S.
economy.  Congress is grilling and berating Fuld as I write
this (as they well should).  When is someone going to take
Paulson and Bernanke to task?  Sure, there were hearings, (for
understanding's sake), but when is someone going to call them
out for either lying to us, or if they didn't lie, then they
must be incompetent.  Did they lie, or are they incompetent? 
And we just handed them $850 billion to manage on behalf of
the taxpayers

[benld74]

41. THEY NEED TO STOPP all these stupid hearings and,,,

put back into place all the laws and rules that were removed that actually caused the damn thing to happen in the first place. Rescind the laws immediately!

[MadrasT]

43. YAY, Dennis up!

:woohoo: :bounce:

[chill_wind]

44. Uh oh--- going after questions re: Paulson and GS..... n/t

[Ikonoklast]

45. Wow, Dennis is insinuating Paulson had direct hand in Lehman's downfall

Paulson helped bring down Lehman to help J.P. Morgan and Goldman Sachs.

[OnceUponTimeOnTheNet]

47. This is a bombshell. Did Paulson do this? What would be the

repercussions of such an action? Fuld mentioned litigation.

[bdamomma]

46. Dennis is taking no

crap from this guy.

[buzzard]

49. What a lying piece of shit he has no conscience and evades and convolutes every

question he is asked.

[OhioChick]

52. He is dodging every single question. n/t

[The Backlash Cometh]

50. It's time to go to the rehab and Fuld man say no, no, no.

[Trillo]

51. I just turned it on, must have missed Waxman, but Brian Higgins

stopped Fuld cold with the disparities between public statements and private documents.

Fuld's best answer is he didn't recall those documents.

[chill_wind]

54. Here's another good link to watch it from:

http://chooseandwatch.com/

Select C-Span from the News menu.

[Rosie1223]

55. There are seizure laws for getting assets of drug dealers

Isn't there someway they could apply to these CEOs?

[WhiteTara]

57. and he needs to forfeit it all!

The Feds should come in a freeze all those bank accounts and take our money back.

[OakCliffDem]

58. Kick