Comments on: Culprits of the Collapse – #9 Richard Fuld http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/ Tue, 22 Dec 2009 04:00:12 +0000 http://wordpress.com/ hourly 1 By: Tina http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-387439 Tina Mon, 13 Oct 2008 08:58:47 +0000 http://cnnac360.wordpress.com/?p=12421#comment-387439 Much as I don't like the idea of CEOs and other top executives of huge companies getting overpaid to the tune of hundreds of millions of dollars every year, I believe that if they're the hardest working people in their companies and/or they're largely responsible for making the companies successful, up until this collapse happened, that is, then they deserve the rewards that go with their immensely demanding jobs. I believe that's how things work in America, right? Anyway, to believe that any particular group of people are solely to blame for this serious financial crisis we're sunk in is likely to lead to everyone pointing a finger at everyone else, which isn't going to help the situation at all. The have-nots will start blaming the have-lots, then soon there will be anarchy. We''ll then be on the fasttrack to hell with no way back. Blame should be the last thing on our minds right now, especially since I believe that so much of the blame, if we must indulge in that, should also go to natural calamities like hurricanes, bushfires, the consequences of global warming, etc., and also costly mistakes in judgment by both the government and the private sector in working for globalization and in fighting our enemies, corruption in government as well as in the private sector, the wars in Iraq and Afghanistan, the horrible events of September 11, 2001, and so on. I'm not saying that a specific group of overpaid and overspending company executives don't deserve to be blamed, but I do believe that blame should not be laid only on them, especially not in this almost "McCarthyist communist witchhunt fashion". It's totally un-American and unproductive, in my view. I would rather that you put together a report on what every citizen should try to do to help our country get back on its feet. And, Anderson, please speak with a more reasonable speed so that we can understand what you're saying. Much as I don't like the idea of CEOs and other top executives of huge companies getting overpaid to the tune of hundreds of millions of dollars every year, I believe that if they're the hardest working people in their companies and/or they're largely responsible for making the companies successful, up until this collapse happened, that is, then they deserve the rewards that go with their immensely demanding jobs. I believe that's how things work in America, right? Anyway, to believe that any particular group of people are solely to blame for this serious financial crisis we're sunk in is likely to lead to everyone pointing a finger at everyone else, which isn't going to help the situation at all. The have-nots will start blaming the have-lots, then soon there will be anarchy. We"ll then be on the fasttrack to hell with no way back. Blame should be the last thing on our minds right now, especially since I believe that so much of the blame, if we must indulge in that, should also go to natural calamities like hurricanes, bushfires, the consequences of global warming, etc., and also costly mistakes in judgment by both the government and the private sector in working for globalization and in fighting our enemies, corruption in government as well as in the private sector, the wars in Iraq and Afghanistan, the horrible events of September 11, 2001, and so on. I'm not saying that a specific group of overpaid and overspending company executives don't deserve to be blamed, but I do believe that blame should not be laid only on them, especially not in this almost "McCarthyist communist witchhunt fashion". It's totally un-American and unproductive, in my view. I would rather that you put together a report on what every citizen should try to do to help our country get back on its feet. And, Anderson, please speak with a more reasonable speed so that we can understand what you're saying.

]]> By: EJ (USA) http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-387431 EJ (USA) Mon, 13 Oct 2008 05:55:24 +0000 http://cnnac360.wordpress.com/?p=12421#comment-387431 I realized you're not going to be able to do this list without coming across as partisan but at the same time telling the truth. The #1 person would have to be the President... but would 360 really say that? I doubt it. 360 would probably chicken out and say "current and past Presidents" which would take the responsibility off of GW Bush for his role in this crisis. #2 would be Congress for the last several years The other problem I see is that - if you make this list - then people might try to hold these people specifically responsible while others that might make an extended list get away with it. The American (& global) public is mad and we tend to try to want to punish someone or something. You would just have to make sure the top 10 are really more culpable than the next 10. And when you think about - if GWB is #1 - how could he get punished? Congress has refused to punish him for just about every illegal and/or questionable act he has committed - and there's no way we can punish him. He's pretty much a lame duck President. So that's where I see there could be an issue with your list. But I admire you for trying! I realized you're not going to be able to do this list without coming across as partisan but at the same time telling the truth.

The #1 person would have to be the President... but would 360 really say that? I doubt it. 360 would probably chicken out and say "current and past Presidents" which would take the responsibility off of GW Bush for his role in this crisis.

#2 would be Congress for the last several years

The other problem I see is that – if you make this list – then people might try to hold these people specifically responsible while others that might make an extended list get away with it. The American (& global) public is mad and we tend to try to want to punish someone or something. You would just have to make sure the top 10 are really more culpable than the next 10. And when you think about – if GWB is #1 – how could he get punished? Congress has refused to punish him for just about every illegal and/or questionable act he has committed – and there's no way we can punish him. He's pretty much a lame duck President. So that's where I see there could be an issue with your list.

But I admire you for trying!

]]> By: Charlene Gregory http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384777 Charlene Gregory Sat, 11 Oct 2008 02:00:19 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384777 I sold my home in Jan 2007. I had lived in it for 24 years and had refinanced it 4 times thru the years each time reducing the interest rate by 2%. I did not take any equity out until the last time when I was preparing to retire and paid off all my bills. But that is all I took. When the paperwork was given to me at the time of closing I noticed the young hispanic man had borrowed the total amount of the mortgage. I told my realtor that he would not be in it a year and I was told it is not my business. That young man did not speak English and his realtor did not even walk him thru the house before closing. There were billboards all over Las Vegas in Spanish advising why pay rent when you can own. These were the people who were hurt not the ones who refinanced and spent their money on new cars, boats and other expensive items. Has anyone thought about the idea of lowering the mortgages to the current value of the home and how this will affect the local and state governments by reducing the amount of taxes collected? What a mess and I believe it is both Political parties responsibility for wanting to line their own and their own pockets. I sold my home in Jan 2007. I had lived in it for 24 years and had refinanced it 4 times thru the years each time reducing the interest rate by 2%. I did not take any equity out until the last time when I was preparing to retire and paid off all my bills. But that is all I took. When the paperwork was given to me at the time of closing I noticed the young hispanic man had borrowed the total amount of the mortgage. I told my realtor that he would not be in it a year and I was told it is not my business. That young man did not speak English and his realtor did not even walk him thru the house before closing. There were billboards all over Las Vegas in Spanish advising why pay rent when you can own. These were the people who were hurt not the ones who refinanced and spent their money on new cars, boats and other expensive items. Has anyone thought about the idea of lowering the mortgages to the current value of the home and how this will affect the local and state governments by reducing the amount of taxes collected? What a mess and I believe it is both Political parties responsibility for wanting to line their own and their own pockets.

]]> By: Ron http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384749 Ron Sat, 11 Oct 2008 01:55:26 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384749 Some comments are very dumb and suggest we do illegal acts to these culprits.....................No, just do what they have done to others and take away all their bonuses and salary earned while telling lies................Look, the excuse that "I was not aware" "Not to my recollection" and "that was not my responsibility" are how lawyers tell you to lie without lying...........can't be prosecuted for having a faulty brain.....and that goes for incompetence, greed and forgetfulness, unfortunately for us victims of these (rich) criminals Some comments are very dumb and suggest we do illegal acts to these culprits.....................No, just do what they have done to others and take away all their bonuses and salary earned while telling lies................Look, the excuse that "I was not aware" "Not to my recollection" and "that was not my responsibility" are how lawyers tell you to lie without lying...........can't be prosecuted for having a faulty brain.....and that goes for incompetence, greed and forgetfulness, unfortunately for us victims of these (rich) criminals

]]> By: Charlene Gregory http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384719 Charlene Gregory Sat, 11 Oct 2008 01:45:09 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384719 I think it is strange that Mr Flud's excuse was that he took the actions he took based on the information he had at the time. Is not that the same excuse we went into Iraq? Also President Bush's cousin George H Walker also a Lehman executive who was dismissive about the suggestion the executives not take a bonus this year and told them not to worry and he was embarrased about the suggestion that was put out without his approval. I think it is strange that Mr Flud's excuse was that he took the actions he took based on the information he had at the time. Is not that the same excuse we went into Iraq? Also President Bush's cousin George H Walker also a Lehman executive who was dismissive about the suggestion the executives not take a bonus this year and told them not to worry and he was embarrased about the suggestion that was put out without his approval.

]]> By: marie http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384669 marie Sat, 11 Oct 2008 01:26:21 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384669 Please continue this type of reporting! We need the names of congressmen involved in setting up these greedy crooks. Name the public officials who have been asleep at the wheel. Let them plead dumb or greedy. Let the American public decide the penalty for ignorance and greed. Please continue this type of reporting! We need the names of congressmen involved in setting up these greedy crooks. Name the public officials who have been asleep at the wheel. Let them plead dumb or greedy. Let the American public decide the penalty for ignorance and greed.

]]> By: Heidi http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384659 Heidi Sat, 11 Oct 2008 01:23:58 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384659 this list should be bigger then 10 this list should be bigger then 10

]]> By: Sharon from Indy http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384572 Sharon from Indy Sat, 11 Oct 2008 01:00:31 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384572 AC360: Putting a face on the monsters that inhabit the gluttony of class warfare in this country is rather profound. I believe the "executive" branches of investment bankers have their own fraternity or boys club just rotating from one bank to another while collecting millions upon millions of dollars. Yes, Americans need a face or two to blame . But is Congress getting off too easy? AC360:
Putting a face on the monsters that inhabit the gluttony of class warfare in this country is rather profound.

I believe the "executive" branches of investment bankers have their own fraternity or boys club just rotating from one bank to another while collecting millions upon millions of dollars.

Yes, Americans need a face or two to blame . But is Congress getting off too easy?

]]> By: Timber http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384490 Timber Sat, 11 Oct 2008 00:35:11 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384490 If it looks like a rat, and smells like a rat, chances are it is a rat. I find it very hard to believe that the recent and very rapid collapse of the global economy is due to sub-prime mortages. Sure there are issues that needed to be corrected, and a free enterprise market would have flushed it out. The sub prime market share is only a small portion of the global economy. Am I the only one who hasn’t ruled out the culprit of this crisis is no more than that of a well aimed and executed terrorist cyber attack? Given the fact that global economies communicate solely in a digital environment, a computer virus or someone capable of hacking could cause widespread havoc. Hopefully someone at the federal govt., G7 or other entity is looking at all possible scenarios and not just reacting to panic. Seems to have terrorist written all over it. Same as 9-11, it was right under our noses and nobody saw it until it was too late. If it looks like a rat, and smells like a rat, chances are it is a rat.

I find it very hard to believe that the recent and very rapid collapse of the global economy is due to sub-prime mortages. Sure there are issues that needed to be corrected, and a free enterprise market would have flushed it out. The sub prime market share is only a small portion of the global economy. Am I the only one who hasn’t ruled out the culprit of this crisis is no more than that of a well aimed and executed terrorist cyber attack? Given the fact that global economies communicate solely in a digital environment, a computer virus or someone capable of hacking could cause widespread havoc. Hopefully someone at the federal govt., G7 or other entity is looking at all possible scenarios and not just reacting to panic. Seems to have terrorist written all over it. Same as 9-11, it was right under our noses and nobody saw it until it was too late.

]]> By: Joe - CT http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384383 Joe - CT Fri, 10 Oct 2008 23:50:56 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384383 I would love to see these names posted on CNN.com. List the names, the congressional district and exactly how much their sweet tooth cost us?? Then maybe we could even post this on the walls of EVERY voting booth in the country with a sticker on the lever, "did your representative screw you too? look before you cast!!!" I would love to see these names posted on CNN.com. List the names, the congressional district and exactly how much their sweet tooth cost us?? Then maybe we could even post this on the walls of EVERY voting booth in the country with a sticker on the lever, "did your representative screw you too? look before you cast!!!"

]]> By: Frank - Columbus, OH http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384378 Frank - Columbus, OH Fri, 10 Oct 2008 23:49:07 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384378 These guys will be brought to justice, just let it take its natural course. As for the bailout, rather 700 bil and counting coming from China, the Middle East, etc. it will come at a cost to us. Who would you rather own these companies or would you rather foreign investment? Ask yourself that. These guys will be brought to justice, just let it take its natural course.

As for the bailout, rather 700 bil and counting coming from China, the Middle East, etc. it will come at a cost to us. Who would you rather own these companies or would you rather foreign investment? Ask yourself that.

]]> By: Joe - CT http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384375 Joe - CT Fri, 10 Oct 2008 23:48:12 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384375 I applaud you for naming and posting the names of these criminals. However, where are the names of ANY member of Congress that needed a "sweetener" in order to vote "yes" to do SOMETHING to save the American economy? Where is the list of those THIEVES that STOLE $140 BILLION??? I applaud you for naming and posting the names of these criminals. However, where are the names of ANY member of Congress that needed a "sweetener" in order to vote "yes" to do SOMETHING to save the American economy? Where is the list of those THIEVES that STOLE $140 BILLION???

]]> By: omaira http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384235 omaira Fri, 10 Oct 2008 23:03:31 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384235 Want to know the name of the people/companies that invented these securities, why the rating agencies give them AAA ratings and why the SEC did nothing about it. It is FRAUD and these people should be penalized too. Want to know the name of the people/companies that invented these securities, why the rating agencies give them AAA ratings and why the SEC did nothing about it. It is FRAUD and these people should be penalized too.

]]> By: Elaine C., Ambler, PA http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384187 Elaine C., Ambler, PA Fri, 10 Oct 2008 22:51:46 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384187 It is always stunning to me how so many very intelligent people jump into these Ponzi schemes so quickly rationalizing away violations to basic common sense. Like the sex scandals, they always think they are smarter than everyone else and will get out before the house of cards tumbles. The most dangerous people on earth are the smart egomaniacs who are unwise and uncaring. Of course this list can go well past 10, and I challenge the CNN bean counters to allow Anderson to keep reporting on this beyond the usual headline news story. Seeing how deep and hard this has hit us, I suspect that that is where his journalistic interests are rather than rating scores. People are angry and they have every right to know who made these decisions that are now even rippling into the world economy. It is always stunning to me how so many very intelligent people jump into these Ponzi schemes so quickly rationalizing away violations to basic common sense. Like the sex scandals, they always think they are smarter than everyone else and will get out before the house of cards tumbles. The most dangerous people on earth are the smart egomaniacs who are unwise and uncaring.

Of course this list can go well past 10, and I challenge the CNN bean counters to allow Anderson to keep reporting on this beyond the usual headline news story. Seeing how deep and hard this has hit us, I suspect that that is where his journalistic interests are rather than rating scores. People are angry and they have every right to know who made these decisions that are now even rippling into the world economy.

]]> By: Shocked&Awed http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384175 Shocked&Awed Fri, 10 Oct 2008 22:48:04 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384175 Rediculous! Congress has the lending responsibility for Fannie and Freddie? Who told you that? Palin? Rediculous! Congress has the lending responsibility for Fannie and Freddie?

Who told you that? Palin?

]]> By: pamela http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-384045 pamela Fri, 10 Oct 2008 22:12:46 +0000 http://cnnac360.wordpress.com/?p=12421#comment-384045 How about adding the democratic congress who ignored all warnings from Greenspan and others that freddie and fannie needed reformed. The chose to allow the lending to continue..house after house after house money was shovled out with not one hope of ever being paid back. The democratic congress fought not to reform the two. Obama sais the lending was "fine" well we are not fine. The congress and Obama are clueless and dangerous. How about adding the democratic congress who ignored all warnings from Greenspan and others that freddie and fannie needed reformed. The chose to allow the lending to continue..house after house after house money was shovled out with not one hope of ever being paid back. The democratic congress fought not to reform the two. Obama sais the lending was "fine" well we are not fine. The congress and Obama are clueless and dangerous.

]]> By: Szalo http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-383911 Szalo Fri, 10 Oct 2008 20:54:25 +0000 http://cnnac360.wordpress.com/?p=12421#comment-383911 Good JOB Anderson Expose those criminals! They need to sell all their assets and distribute among the American People!!! Good JOB Anderson
Expose those criminals!
They need to sell all their assets and distribute among the American People!!!

]]> By: Concr3t3 http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-383867 Concr3t3 Fri, 10 Oct 2008 20:24:54 +0000 http://cnnac360.wordpress.com/?p=12421#comment-383867 Good job, AC!! Keep up the good work!! Make examples of these evil bastards. Good job, AC!! Keep up the good work!! Make examples of these evil bastards.

]]> By: carlos http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-383793 carlos Fri, 10 Oct 2008 19:41:34 +0000 http://cnnac360.wordpress.com/?p=12421#comment-383793 maybe I am missing a link or something..I see people's names as "culprits", but I see not info to back up the claim. Where is the whole article explaining why these guys are on the top 10 list. Another problem we are having here is looking to wall street and not at the government's role in this mess. Also, looking back to the real start of these issues..this crap did not just start in the past 8 years there was plenty of legislation,e tc. that paved the way for the corruption and absolute ignorance that caused the mess. maybe I am missing a link or something..I see people's names as "culprits", but I see not info to back up the claim. Where is the whole article explaining why these guys are on the top 10 list.
Another problem we are having here is looking to wall street and not at the government's role in this mess. Also, looking back to the real start of these issues..this crap did not just start in the past 8 years there was plenty of legislation,e tc. that paved the way for the corruption and absolute ignorance that caused the mess.

]]> By: Al http://ac360.blogs.cnn.com/2008/10/10/culprits-of-the-collapse-10-richard-fuld/comment-page-1/#comment-383758 Al Fri, 10 Oct 2008 19:22:35 +0000 http://cnnac360.wordpress.com/?p=12421#comment-383758 Lynch mob mentality and deservedly so! After all, these 10 "culprits" (sorry AC, but I have a better word to describe them) have caused the losses of tens of billions of dollarsand the ruination of how many peoples life savings? So does white collar crime pay? I say "no." And I hope these men pay and pay dearly. Otherwise the lessons of history will never be learned. Lynch mob mentality and deservedly so! After all, these 10 "culprits" (sorry AC, but I have a better word to describe them) have caused the losses of tens of billions of dollarsand the ruination of how many peoples life savings? So does white collar crime pay? I say "no."

And I hope these men pay and pay dearly. Otherwise the lessons of history will never be learned.

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