Richard Fuld being scolded by investors after testimony. Secretary Treasurer Henry Paulson is himself a billionaire. Maverick Republicans on Wall Street with Your 700 Billion Dollars.
The taxpayer is shelling out and its not even Halloween, is this a trick of Wall Street on the taxpayers who is so generously lending AIG another 37.8 billion cash for undisclosed reasons.
AIG already has received a 85 billion dollar loan from last month and this makes 122.5 billion in bailout cash for AIG alone. The executives of AIG treated then treated themselves to a spa week in California with 100 insurance agents slurping up booze, manicures, luxury meals and rooms blowing $ 440,000.00 at the St. Regis Resort.
Meanwhile taxpaying homeowners being thrown on the street and losing jobs are facing a bleak economy that is projected to be years away from recovery.
CNN’s Anderson Cooper has compiled a list of the top “Ten Most Wanted” Executives who spent our taxpaying dollars lavishly while investors and homeowners are suffering great financial losses. The term Maverick is taking on a whole new meaning in the biggest bailout in US history
at the hands of people like Richard Fuld, and his cohorts.
Richard Fuld CEO of Lehman Brothers has been subpoenaed along with 12 more top Lehman executives by federal prosecutors who are investigating the collapse of the company. Chief Financial Officer Erin Callan has also been served who has now accepted a job perhaps he is a lobbyist for Credit Suisse Group a foreign bank.
Prosecutors also subpoenaed another former president who’s name is Joseph Gregory as well as other executives.
Recently another excursion to a hunting chateau in Europe for the Wall Street executives who are intentionally ignoring the plight of people who’s lives they have greedily destroyed in the fall out from bad investments and worthless derivatives.
Prosecutors are looking into whether any person at Lehman or collectively the management of Lehman mislead the investors about the true value of the company’s assets.
The press release from prosecutors are also inquiring on whether accurate values were placed on the large commercial real estate holdings of Lehman. This whole scheme is beginning to sound like Enron all over again only different players and more serious financial scams.
Mr. Fuld Jr., left Lehman with 60 million cash, 250 million in benefits, and more options on stock. Mr. Fuld was getting very, very rich off of Lehman while the company’s worth was being overstated he was squandering the companies funds and putting it in his own bank account. Mr. Fuld took over 500 million dollars out of Lehman before it went bankrupt and now enjoys his 14 million dollar ocean front house in Florida, plus the summer home in Sun Valley and Fuld loves to see his million dollar art collection from time to time.
Mr. Fuld who is by far the man that grabbed the most from his enormous salary and benefits has enjoyed the high life with other people’s money and self righteously feels entitled to your money. Mr. Fuld Jr., statement thus far is “it’s not my fault” and Mr. Fuld is full of it.
Is throwing 700 billion dollars into the hands of the same people really going to stop this corporate greed because it seems like its business as usual for the high life Wall Street Republicans.
As soon as AIG was given the additional 37.8 billion dollars the went on a hunting trip to England spending another $86,000.00 for luxury dining, hotels, and of course a fox hunt in the English countryside. I am sure some taxpayers would enjoy such extravagances in their lives and have some fun instead of having their homes taken away. While the company states they will stop all “nonessential conferences” that do not maximize value and service given the current conditions of the economy. The Whitehouse said it was “dispicable” but said nothing else.
TAGS: 700 billion bailout, Wall Street, Richard Fuld Jr., Richard Fuld CEO, Lehman Bros., Ten Most Wanted, Wall Street Republicans, Wall Street executives, AIG, taxpayers, Wall Street collapse, John McCain, Wall Street greed, St. Regis, Corporate executives trip to St. Regis,
Picture courtesy of : Susan Walsh, Associated Press.