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January 05, 2009 – Comments (1) | RELATED TICKERS: DEP , RES , HUN
Two excellent NYT opinion pieces from Michael Lewis (Liar's Poker and The End ) and David Einhorn (Greenlight Capital).
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html?em
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhornb.html?_r=1&em
Excellant articles!
Richard Fuld, the former chief executive of Lehman Brothers, E. Stanley O’Neal, the former chief executive of Merrill Lynch, and Charles O. Prince III, Citigroup’s chief executive, may have paid themselves humongous sums of money at the end of each year, as a result of the bond market bonanza. But if any one of them had set himself up as a whistleblower — had stood up and said “this business is irresponsible and we are not going to participate in it” — he would probably have been fired. Not immediately, perhaps. But a few quarters of earnings that lagged behind those of every other Wall Street firm would invite outrage from subordinates, who would flee for other, less responsible firms, and from shareholders, who would call for his resignation. Eventually he’d be replaced by someone willing to make money from the credit bubble.
This, to me, is the heart of the issue. We are all at fault. Whether we actively scammed people out of millinos, or we simply turned a blind eye not caring to take the time and demand clarity, transparency, and reform.
Very good articles, everyone should read them.
Thanks for the links Blake
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