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urbanj
Junior Member
Yeah, through my research I found this CDI market and I brought it up in the other thread. It's quite amazing. The market is bigger than the ENTIRE WORLD ECONOMY. It's a big deal. FWIW you should watch the new Zeitgeist movie. Unlike the first one, it's mostly about the Federal reserve and the world banking system.
Did you watch the debate? I only got to see the beginning then I had to go out but I loved how Obama said we should go after the AIG executives for taking taxpayers money and going on holidays with it. While I agree 100% why hasn't anyone of them said they should go after all the executives that took shareholders money, the companies money and the global economies money (taxpayers) and put it a lot in their pockets and flushed the rest down the drain.
Did anyone watch the House hearings? I did watch the grilling of Richard Fuld and I must say he either 1. Has no idea what he is doing and shouldn't have a penny to his name or 2. He is blatantly lying and knew exactly what he was doing.
I'm willing to put my post crash money on #2. He FIRED his CFO and COO days after an email was forwarded to him pretty much stating how ridiculous this problem was and why it even got to this point and he did or said nothing.
Man this is frustrating.
Did you watch the debate? I only got to see the beginning then I had to go out but I loved how Obama said we should go after the AIG executives for taking taxpayers money and going on holidays with it. While I agree 100% why hasn't anyone of them said they should go after all the executives that took shareholders money, the companies money and the global economies money (taxpayers) and put it a lot in their pockets and flushed the rest down the drain.
Did anyone watch the House hearings? I did watch the grilling of Richard Fuld and I must say he either 1. Has no idea what he is doing and shouldn't have a penny to his name or 2. He is blatantly lying and knew exactly what he was doing.
I'm willing to put my post crash money on #2. He FIRED his CFO and COO days after an email was forwarded to him pretty much stating how ridiculous this problem was and why it even got to this point and he did or said nothing.
Man this is frustrating.
pooty
Senior Member
ya i go with #2 he was unrepentant. i say we introduce all of them to--ben dover
urbanj
Junior Member
the best went like this..
HOUSE - "we asked for all your records regarding salary, bonuses and stock options from the past eight years. we have them up on screen here. do you think they look correct?"
FULD - "well if we gave them to you then I assume they are correct."
HOUSE - "it shows over the past eight years, you've amassed almost 500 million dollars in your personal bank account while your company is now bankrupt and the economy is in ruin. I'm going to ask you a simple question, IS THAT FAIR?"
FULD - "umm, yeah, well, umm, ahhh, ummm, It's not 500 million. Even though it is a large amount. and I HAD to exercise the options or i would have lost them. ummmm, ahhhhh, well, errrrrr, ummmmm, ahhhh.
HOUSE - "ANSWER THE F*CKING QUESTION!!!!) <---- i wish they said that
so either his company is, WAS, really good at keeping records
or he and the rest just like him should be hung up to dry. It would be different if they had a method to their madness. but they don't. just greed
Doorag
Senior Member
Unfortunately we all need to look in the mirror to see how we got in this mess. 'We' (meaning everyone) have allowed the companies and marketers to run roughshod over us for WAY too long. They have been encouraging greed in everyone in all aspects of our lives and now we are paying the price.
Don't think I'm some bleeding heart socalist either. I'm a republican pretty much through and through but I can't believe what's been happening to our culture (that being Western culture) for the past 30 years or so.
Hopefully this will wake everyone up and we can start to seriously consider how we are doing things and what we can do differently. Unfortunately, I have little hope.
Don't think I'm some bleeding heart socalist either. I'm a republican pretty much through and through but I can't believe what's been happening to our culture (that being Western culture) for the past 30 years or so.
Hopefully this will wake everyone up and we can start to seriously consider how we are doing things and what we can do differently. Unfortunately, I have little hope.
Bwaa haa haa. That's perfect. The I immediately thought "bowflex". Or is that "no-nex". ouch.
I guess I'd have to ask, since this is a social/political topic, how do you stop this sort of thing without passing a law? I hear all the time that we need smaller government, a notion of which I am a fan (though I don't explicitly call myself a libertarian). Moral behavior can't really be legislated, can it? Am I missing something? Wouldn't legislating morality be somehow akin to instituting a religiously-based type of government? That notion scares me even more than our present, preposterous, plodding form of government...
I need a clue here on register three...
necrotimus
Stop looking at my title!
Its not a moral question it is a fiduciary question. Theoretically these guys actions should have been policed by the board and the stock holders. Depending on what type of disclosures the company gave though this may not have been possible (truthfully it may not be possible the way corporations have grown).
The new laws that should come out of this aren't moral ones but regulatory and punitive. The information that companies provide their stockholders and boards needs to be informative and truthful. These cases should teach us what that information needs to be. And if someone is cooking the books the sentence should be as severe as the crime. Honestly some of these guys deserve life in prison or worse if what they were doing was illegal. If not then there is obviously a flaw.
Not that long ago a company goes out of business then its no big deal it was deemed a bad business or run poorly. The stake holders in the comapny get burned but someone else fills the gap. But the way these corporations have grown when they go down they take a lot more people with them including 2nd and 3rd party stakeholders who may not even know they were involved.
The stakeholders in this case need more rights but more rights doesn't necessarily mean moral rights.
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necrotimus
Stop looking at my title!
Its scary but we may be seeing a time when the world's invented wealth catches up to the real wealth of the world.
Bob's loaned Frank $10
Bob pays Johnny $2 to secure the loan in case Frank defaults
Johnny pays Ted $.50 to secure the loan in case Frank defaults
The truth is Bob never had $10 to loan anybody.
Shafe716
Junior Member
I vote we "Fight Club" this biotch and get on with our lives :Flip:
