Tag Archives: finance

The people behind the financial mess!

21 Sep
  • Richard S. Fuld, Jr. – Chairman & Cheif Executive Officer – Lehman Brothers – Total compensation $71.2 million; 5 year compensation – $354 million. Ranks # 11 in compensation.
  • Alan D. Schwartz, President and Chief Executive Officer, Bear Sterns, compensation of $35,734,422, which included a $16,237,150 bonus.
  • Stanley O’Neal, Ex- President Merril Lynch, severnce package – $161.50 million
  • Charles Prince, Ex-CEO Citibank, severence package – $68 million
  • Martin Sullivan – Ex-CEO AIG, severence package – $47 million
  • Daniel H. Mudd – Ex-CEO, Fannie Mae, 2007 compensation $12.2 million
  • Richard F Syron – Ex-CEO, Freddie Mac, For 2007, compensation approx. $19 million

Does anyone know what to do?

17 Sep

The Senate Majority Leader, Harry Reid, confirmed my suspicions today by saying “No one knows what to do”. There is plenty of blame to go around for today’s mess that we find ourselves in. The Administration, the Senate and the Congress all are equally to blame for letting the situation go so totally out of hand.

The unregulated financial institutions have created a house of cards that is tumbling today at the tax payer expense. The men behind the flawed decisions go home with a golden parachute and it is the ordinary employee who struggles to balance his budget paying for it. And somehow the trickle down economics is sold to us repeatedly.

We have ourselves to blame too. When loans were easy to get we borrowed indiscriminately hoping to make a quick buck on capital appreciation. We forgot the all important “Live within your means” adage.

The past few weeks we have seen major institutions being taken over by the government or “nationalized”. This is a tax on the common man to bail out major corporations (and the individuals behind them). It is the tax payer money that is being spent on irresponsible judgements of a few powerful individuals more intent on lining their pockets.

Now the law makers and Mr. Greenspan tell us it is once in a century phenomenon and they don’t know what to do.  We know what to do. Establish accountability. A free economy can remain free only when individuals and institutions remain accountable for their actions.

We don’t need a big government but we do need a smart one. We don’t need empty rhetoric, we need action. We don’t need politicians telling they will “fix Washington”, we need someone who can make Washington proud. Vote wisely and make USA proud in the coming election. God bless America!