Welcome to blogs.villagevoice.com
Blogs
  • News
    • » News Home
    • » Daily News
    • » Runnin' Scared - News Blog
    • » Tom Robbins
    • » Wayne Barrett
  • Music
    • » Music Home
    • » Top Picks
    • » Find a Bar or Club
    • » Pazz & Jop
    • » Down in Front
    • » Sound of the City
    • » Siren
    • » Submit an Event
    • » Jukebox
    • » Join Music Newsletter
    • » Entertainment Ads
  • Calendar
    • » Calendar Home
    • » Top Picks
    • » Comedy Events
    • » Submit an Event
    • » Entertainment Ads
  • Restaurants
    • » Restaurants Home
    • » Restaurant Guide
    • » Restaurant Reviews
    • » Sietsema's Counter Culture
    • » Find a Bar or Club
    • » Fork in the Road (column)
    • » Fork in the Road (blog)
    • » Sponsored Online Menus
    • » Choice Eats Tasting Event
    • » Join Dining Newsletter
    • » Restaurant Ads
    • » Happy Hours App
  •  
  • Arts
    • » Arts Home
    • » Calendar
    • » Books
    • » Theater
    • » Art
    • » Dance
    • » Obies Theater Awards
  • Films
    • » Films Home
    • » Now Showing
    • » Movie Showtimes
    • » Reviews
    • » Join NY Film Club
    • » Movie Ads
  • The Ads
    • Ad Index
    • Flip Book
    • Media Kit
    • » Fitness Health & Beauty Guide
    • » Sponsored Online Menus
  • Classifieds
    • Free Online Classifieds
    • Real Estate For Rent
    • Sexy Black Book
    • Virtual Career Fair
    • Personals
    • Real Estate for Sale
    • Place an Ad (print)
  • Blogs
    • » Runnin' Scared
    • » Sound of the City
    • » La Daily Musto
    • » Fork in the Road (blog)
    • » All City
  • Columns
    • » La Dolce Musto
    • » Tom Robbins
    • » Sex
    • » Horoscope
  • Best Of
    • » Arts & Entertainment
    • » Bars & Clubs
    • » Food & Drink
    • » People & Places
    • » Shopping & Services
    • » Sports & Recreation
    • » Best of Ads
  • Bars/Clubs
    • » Bars/Clubs Home
    • » Gay Bars & Clubs
    • » Bars/Club Ads
    • » Happy Hours App
  • Archives
    • Advanced Archive Search
    • Locations Map
    • Event Search
  • Reader Recommendations
  • Promotions
    • Street Team
    • Join The Street Team
    • Contests & Promotions
    • Text Alerts
    • Buy Village Voice Merchandise
    • Supplements Archive
  • Site Map

Top

blog

Stories

 
Afghan War

Daily Flog: Celebrity roast of Lehman on Capitol Hill

By Ward Harkavy, Monday, Oct. 6 2008 @ 7:52AM
Comments (1)
Categories: BANKRUPTCY, Bidness, COLLATERAL DAMAGE, FINANCIOPATH, Featured, INVESTIGATIONS (CONGRESS), LOOTING (BY CORPORATIONS), Morning Reports, OFFICIALS (NAMED), Obama Drama, PRESS, RACE, THUMBS (DOWN), VOTING, Wall Street Journal

box%20Fuld-cash-for-trash-NU-400.jpg

What did he know? When did he know it? While Lehman was assuring everyone last year that it had everything under control and its share price hadn't started its final fall into oblivion, CEO Richard Fuld sold big chunks for big cash, according to SEC records.

Passing through the four stages of our grief with lightning speed, Wall Street became Fall Street, then Wail Street, and now Bail Street.

But there's never enough money to satisfy these self-proclaimed victims. Late last week, the Wall Street Journal's Robert Frank reported, in "Wealthy Are Afraid They'll Run Out of Money":

According to a new survey from American Express Publishing and the Harrison Group, nearly half of respondents with incomes of $250,000 or more agreed with the statement that "I worry that at some point I could run out of money." That's up from about a third in April.

Fully 69 percent agreed with the statement that "The recent real estate and banking crisis has affected my sense of financial security."

Of course, $250,000 is only "Obama wealthy." And running out of money "at some point" is a long time horizon. Yet the survey suggests that even high-income earners are cutting back their spending for fear of what the financial future might bring. Fully two-thirds say that they are "looking closely at every spending category to see where I can save."

Now it's time for others to look closely. Who will lose the blame game? Setting up today's scheduled grilling of ex-Lehman's ex-CEO Richard Fuld by Henry Waxman's House committee, this morning's Wall Street Journal peers into the what exactly happened at the bankrupt investment bank's HQ on Avenue of the Americas.

We were fooled, yes, but we won't get Fuld again — assuming he even shows up. As of late last week, Waxman was still stonewalled on his September 18 request for Fuld's and Lehman's e-mails and memos. Check out the PDF of Waxman's scathing September 26 letter to Fuld.

But others already have some details on who and what moved in Lehman's bowels.

In "The Two Faces of Lehman's Fall: Private Talks of Raising Capital Belied Firm's Public Optimism," Carrick Mollenkamp, Susanne Craig, Jeffrey McCracken, and Jon Hilsenrath reveal inside dealings and double-talk at the investment bank's HQ.

That story's just a biopsy. There's enough blood and garbage on the Street to keep crime-scene investigators enthused for years. Is there a forensic proctologist in the house?

For one thing, despite this weeper from the WSJ — 'The Lehman Stock Slide Hits Home: Employees Face $10 Billion in Losses' — Fuld and others have stashed cash where the sunshine laws don't shine.

There's a big difference between money on paper and cash in the wallet. Yes, the value of Fuld's stock cache has bottomed out. But Fuld cashed in for more than $50 million during only two days of insider sales of Lehman stock before it began its last precipitous slide in 2007, according to SEC records (see illustration above).

Wonder if Waxman will bring up that profit-taking with Fuld later today. As Reuters noted yesterday:

Waxman has a reputation for raking high-profile corporate executives over the coals as cameras roll.

Fuld is scheduled to appear before the committee on Monday in what would be his first public appearance since Lehman filed for bankruptcy

Don't expect that hearing to be televised, so instead of browsing porn, watch Lehman's jerkoff CEO on the live stream on C-SPAN.

But first . . .

NO PARTICULAR ORDER:

Reuters: 'British commander says war in Afghanistan cannot be won'

Bloomberg: 'Fuld May Blame Confidence Crisis for Lehman's Fall at Hearing'

Agence France Presse: 'JPMorgan blamed for Lehman collapse in court documents: report'

Wall Street Journal: 'Bailout's Bid to Limit Executive Pay Will Be Tough to Realize'

N.Y. Times: 'Full of Doubts, U.S. Shoppers Cut Spending'

Reuters: 'Spermicide Coke, stale chips research wins Ig Nobels'

House Committee on Oversight and Government Reform: 'Chairman Waxman Announces Hearings on Financial Meltdown'
Oct. 6: Lehman bankruptcy and AIG bailout, Day One
Oct. 7: Lehman bankruptcy and AIG bailout, Day Two
Oct. 16: Regulation of hedge funds
Oct. 22: Breakdown of credit rating agencies
Oct. 23: Role of federal regulators

Washington Post: 'Artful Dodging Trumps Open Evasion, Studies Show: Palin Criticized After Avoiding Questions'

IOL (South Africa): 'Racism: the elephant in the US polling booth'

L.A. Times: 'Frank talk of Obama and race in Virginia'

BBC: 'Saudi cleric favours one-eye veil'

Wall Street Journal: 'The Lehman Stock Slide Hits Home: Employees Face $10 Billion in Losses'

Haaretz: 'Israeli investment bankers find Wall St. tumble ruins Rosh Hashanah'

N.Y. Times: '11 Die as U.S. Force Raids House in Iraqi City and Man Detonates a Suicide Vest'

IRIN: 'IRAQ: Move to allow doctors to carry guns provokes mixed reaction'

L.A. Times: 'Mishaps mark John McCain's record as naval aviator'

BBC: 'Somalia is 'most ignored tragedy'

Washington Post: 'Registration Gains Favor Democrats: Voter Rolls Swelling in Key States'

New York: 'Wall Street, Fall 2009: Things look grim at the moment, but where will we be a year from now? That depends on who’s president.'

BBC: 'Two Black Hawks down in Baghdad'

Caucasian Knot (Moscow): 'Authorities in Ingushetia terrorize the population'

BBC: ' "Milkshake murderer" loses appeal'

N.Y. Times: 'Microwaved Chicken Isn't Necessarily Cooked Chicken'

Wall Street Journal: 'China to Allow Short Selling on Trial Basis'

The Age (Australia): 'OJ Simpson isolated in jail "for his own safety" '

N.Y. Daily News: 'Friends of Mayor Bloomberg make contributions to a third party'

Jurist: 'Fraud charges laid against USAID subcontractor in Afghanistan'

China Digital Times: 'Chinese Cities Wake up to a New Superfood: Yak Milk'

N.Y. Post: 'SUIT SLAMS DONUT-COP "CRULLER-TY" '

N.Y. Daily News: 'Brad Pitt, Angelina Jolie seem happy together in NYC'

Comments (1) Write Comment
Share

Related Content

  • We've Bailed out the Banks. When Do We Go After the Crooks Behind our Financial Collapse? October 27, 2009
  • What Cooked the World's Economy? January 28, 2009
  • Nissan crashes; hedge funds lick chops; incoming Israel govt. may take 'harder line' February 9, 2009
  • Daily Flog: Wall Street's little piggies don't want to go mark-to-market; meanwhile, more huffing and puffing October 2, 2008
  • Daily Flog: Edwards, faux Rockefeller both screwed; Olympic preening; a gated NYC; Bush's pardons list; defense of high gas prices August 12, 2008

More About:

  • Richard Fuld
  • Henry Waxman
  • Wall Street
  • Michael Bloomberg
  • U.S. Securities and Exchange Commission

Comments (1)

Bliss says:

Greed is good...for them.

Posted On: Monday, Oct. 6 2008 @ 12:06PM

Write Comment


(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

All reader comments are subject to our Terms of Use. By clicking "Post," you acknowledge that you have reviewed and agree to these Terms.

Tools

Search Press Clips


Follow

Email tips to tips@villagevoice.com

SlideShows»

  • SXSW: Village Voice Media Showdown with the XX, Superchunk & more
  • Smell the Glove Party
  • Driven by Boredom's 9 Year Anniversary Party (NSFW)
  • More Slideshows >>

Twitter Feed

Follow villagevoice on Twitter

More Twitter >>

VVM on Digg

  • 1
    diggs
    Accused Coke Thief Lab Tech Has Colleagues in High Places
  • 9
    diggs
    $8K Bag of Weed Found in Goodwill Donation Bin
  • 40
    diggs
    The Ten Best Names of Traditional Irish Dishes
  • 76
    diggs
    State Bans Synthetic Weed, New Products crop up to Replace
  • 56
    diggs
    Cincinnati Named Craziest U.S. City, SF Pissed
  • 27
    diggs
    Jesse Ventura spars with "The View" women over 9/11 (VIDs)
  • 70
    diggs
    10 Songs to Add to your St. Patricks Day Playlist
  • 83
    diggs
    Top 5 Anthems of Self-Loathing
  • 1
    diggs
    Star Wars Burlesque: Tatooine-Styled Shenanigans at the Bord
  • 204
    diggs
    Pot Club Supplier Made Purported $200K a Year
  • 129
    diggs
    Group Continues Case To Force Condoms On Porn Industry
  • 705
    diggs
    Man Gets 60 Yrs In Prison For Possessing 1.3 g of Cocaine
  • 357
    diggs
    Boob Cheese: A Protein Whose Time Has Come
  • 223
    diggs
    Cow Gets Loose, Terrorizes Town
  • 430
    diggs
    A Father Rapes his 5 Daughters and Has 6 Kids By Them.
  • 286
    diggs
    Kansas Becomes 1st State to Ban K2 (Synthetic Marijuana)
  • 214
    diggs
    Needle & The Damage Done: 6 Acts of Musical Career Suicide
  • 299
    diggs
    Man Shoots Wife 10 Times, Blames Her Murder on the Mob
  • 423
    diggs
    Marijuana Milkshake Celebration & Bhang Your Head!
  • 303
    diggs
    Tracking When, Where and How People Have Sex in Real-Time
  • 8773
    diggs
    Legalization of Marijuana Bill in California
  • 5801
    diggs
    Guess Who is Facing 21 Years in Prison?
  • 5051
    diggs
    Guys Dates Several Prostitutes. No Sex. Just Regular Dates.
  • 4605
    diggs
    Get Up, Stand Up: Ammiano Introduces Marijuana Legalization
  • 3753
    diggs
    Denver Airports Controversial 32 FT Zombie Mustang Sculpture
  • 3729
    diggs
    Guy Dumps His Cheating Girlfriend Live on Radio (Audio)
  • 2721
    diggs
    Meet Scientology's Worst Enemy
  • 2693
    diggs
    Decision Tree: Should I Buy an iPad? (PIC)
  • 2631
    diggs
    The best (PIC) of Colin Powell you'll see today.
  • 2588
    diggs
    Police Get The Wrong House In Galveston, Assault 12-Year old

Links

    Ward Harkavy is now writing and editing a new blog, The Smart Asset. Check it out.


    Village Voice
    New York Daily News
    New York Post
    New York Times
    Newsday
    Wall Street Journal
    Washington Post
    YouTube
    Salon
    Slate
    Gawker
    Huffington Post
    Daily Kos
    Drudge Report
    The Daily Show
    Colbert Report
    Politico
    Philadelphia Inquirer
    Associated Press
    Fox News
    The Onion
    ESPN
    CNN
    Time
    Forward
    New York
    New Yorker
    New York Review of Books
    New York Observer
    ABC News
    CBS News
    MSNBC
    Newsweek
    New York Sun
    National Review
    New Republic
    Harper's
    Atlantic
    Vanity Fair
    The Nation
    Radar
    New York Law Journal
    Columbia Journalism Review
    Columbia Spectator
    Washington Square News
    News India Times
    Women's Wear Daily
    Amsterdam News
    New York Press
    Time Out
    IRIN
    Indymedia
    FAIR: Fairness & Accuracy in Reporting
    Cryptome
    Human Rights Watch
    United for a Fair Economy
    International Crisis Group
    nola.com: New Orleans Times-Picayune
    The New Yorker:Iraq Coverage
    Index on Censorship
    CounterPunch
    Center for Contemporary Conflict
    McClatchy D.C. Bureau
    TomDispatch.com
    Common Dreams News Center
    War Report — Project on Defense Alternatives
    Power & Interest News Report
    Selves and Others
    Antiwar.com
    Johnson's Russia List
    Energy Bulletin
    Dry Dipstick
    IFIWatchnet
    Al Jazeera
    chechnya-sl
    Bushims
    ACLU's Torture FOIA
    Radio Free Europe/Radio Liberty
    National Security Archive
    Waxman Committee
    Ethics Daily
    Bretton Woods Project
    Human Rights First
    Center for Public Integrity
    GlobalSecurity.org
    Institute for War & Peace Reporting
    9-11 Timeline
    Iraq Body Count
    Students for an Orwellian Society
    Center on Budget and Policy Priorities
    whitehouse.gov
    whitehouse.org
About Us | Work for Village Voice | Esubscribe | Free Classifieds | Advertising | Privacy Policy | Problem With the Site? | RSS | Site Map
©2010 Village Voice, LLC. All rights reserved.