Mortgage C.A.F.E.- Credit And Finance Expert

In "Lehman" terms....
October 7th, 2008 7:54 AM

Yes, that's a play on words, because Lehman is nothing like Laymen.  As a matter of fact, they are the complete opposite based on the payroll of Mr. Fuld.  I'm sure his previous employees (minus the golfing buddies / executives) are replacing some letters in his four letter last name right now.  As I'm sure they're feeling they've been given that F word in return from their company. 

I would remind you though, that those people that screwed up the accounting system that brought down Enron got punished in the end.  One committed suicide, one got his name nixed from the Katy YMCA here in Houston area, and then had a heart attack before serving what would have been a long sentence.  Some would say Lay got off easy.  Others got ostracized in their own community.  That's the bad thing about being rich.  Reputation means a lot when money is like water.  Where you sit on a board, the ease of getting one of your kids into Ivy League through donations, etc.  The invites to the yacht club events, the golfing tournaments.   All of that goes south when  you're known as a scumbag rich guy. 

So, as the sign in today's Chronicle behind Mr. Fuld held up by a lady who was blunt enough to hang it pretty close to his head said, "shame".  He's the one that has to answer to God for his greed and his company's greed.  We're the ones that will suffer in the long run, but he'll suffer for yesterday's lack of humility to having earned more than $500Mil in the last couple years while his company was crumbling.  He'll be the one with slashed tires for the next 8 months wondering which employee found his car...again.  He'll the be the getting those stares that say, "how could you."  Maybe he can live with it, maybe he can't. 


Posted by MICHAEL HARRINGTON on October 7th, 2008 7:54 AMPost a Comment (0)

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