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William Cohan: "The Chance Of Seeing Dick Fuld On A Stand At This Point Is An Eight On A Scale Of One To Ten"
House of Cards author William Cohan is buying Fuld 2015 correctional facility calls with (with a a 5 year strike). In an interview given earlier to Bloomberg TV, Cohan notes that the "chance of seeing Dick Fuld on a Stand at this point is an eight on a scale of one to ten." The reason: quite simply, as we pointed out first - blatant contradictions between facts and Fuld's version of reality: "Bart McDade, the former president of Lehman, says he told Dick Fuld about [Repo 105] and Dick Fuld was aware of it. By the way Dick Fuld was the biggest cheerleader for this kind of off balance sheet activity. And now Fuld is coming out saying he didn't know anything about it. Seems very hard for me to believe that. The interview also brings up the very pertinent question of how on earth it is possible that not only Bart McDade is currently working as a financial advisor (to Altman's Evercore of all places), but also Dick Fuld is running a comparable gig. "These guys keep moving forward like sharks until they stop. I think they just keep going until someone says 'no more'." Yesterday, Ted Kaufman was the first and so far only person to do that. Will anybody else in this ridiculously corrupt country refuse the bribes, grow a conscience, and follow in Kaufman's example? SEC? FRBNY? District Attorneys? FBI? If you are out there... if anyone is out there... You are alone.
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Looks like Dick Fuld will be the sacrificial lamb led to slaughter. He must have drawn short straw, so now he gets to be the straw man. Once the blood lust has been washed from the public psyche, the rest of the bastards will slip quietly away into the night. It's an old tune being remixed for the iTunes generation.
I am not so certain that the straw wasn't drawn for him. Remember when all of this was happening, Paulson was Treasury Secretary, straight of his stint at Goldman. Remember how we all thought it was fishy that Bear coud be parsed but Lehman had to face not only utter destruction but complete public humiliation. Almost like Paulson had it in for hs old nemesis and rival.
This is just an extension of that action.
I agree Orly, I was being poetic and a bit factious. Allow me literary license. :>)
Your prose is always flowing and profound at once and I appreciate your words, thoughts and ideas very much, CD.
License granted!
I agree...
I gotta disagree, no way does Dick go down. He has to much dirt and knows where to many skeletons are. Nothing other then civil suits will happen and it will be the equivalent of a slap on the wrist. Sure he made some enemies, but if they move on him he might pull a mutually assured destruction and they are afraid of that. Just like when they pressed Ken Lewis he responded but trying to drag in Guitner and Bernanke and that quieted the situation down. A man with Fulds knowledge does not do time. He may pay a fine but sending him to jail is a huge risk, too big a chance he might rat someone else out, even just leaking other misdeeds to the press. If it looks like he is going to be criminally prosecuted I expect a mysterious death or suicide and possibly another rich man to be on the beach in South America.
"If it looks like he is going to be criminally prosecuted I expect a mysterious death or suicide and possibly another rich man to be on the beach in South America."
Agreed. Either way, going after Fuld, regardless of the result, will satisfy some of the growing blood lust in America. Since the average person is so conflicted regarding their own passivity and complicity in this whole mess, they won't actually sit back and reflect and change. Instead, they will seek blood and then go back to sleep.
That it's not a 21 on a scale of 1 to 10 tells you just about all you need to know about "justice" in this day and age.
Yeah...Dick Flud is the fall guy.
Someone's company had to fail in order to satiate the public away from GS, JPM, and MS.
Nevermind equivalent malfeasance by all other actors, the same levels of fraud and that Goldman was probably a knowing counterparty to all of this.
AIG was at least one order of magnitude larger fraud than LEH and was what was "really going on" in those days in September. LEH was just a smokescreen.
Yeah; OK. But then we also want to see Paulson, Geithner, Mack, Bob Diamond, Kohn, Viniar, Thain, Gregory, Blankfein, Graham, Leach, Bliley, Fwanks, ALL mortgage brokers, CEO of IndyMac, CEO and other executives of GSEs, executives of Bear, naked short sellers a la Cohen, Chanos, Einhorn, Greenspan of course, Bernanke, Schapiro, CEOs of ALL the rating agencies, CEOs Top 4 accounting houses etc etc.
Cheekz!
Den of thieves, I agree with Cheeky, why only Dick Fuld? Apart from the fact we like saying his first name over and over.
His name is Dick.
And he lived up to his name...
think the surnames in this saga are better comedy value... Madoff Made-off with everyones cash, and Fuld Fuld everyone
HAHAHA that's clever!! ..Hey, where'd my watch go??
I suppose Sarbanes-Oxley was just one big hoax after all. Didn't take them long to scuttle that post Enron piece of nonsense.
The " I don't know nuthin' " defense lives on. Must really piss Skilling off as he sits in his 8 X 10 .
Fuld created many enemies over 30 years,
and no doubt they ended up in high places.
Also will be no problem finding folks to testify against him
If you haven't read a colosal failure of common sense, by Larry McDonald, pick it up. Its an incredible read about Lehman
and the markets...from an insider
He may be on the stand, yet for a CIVIL lawsuit and perhaps pay a fine (small percentage of his massive bonus/payment of course). No criminal charges, no one goes to jail.
Look, i agree he belongs in jail as do many others like Geithner, Paulson, Bernanke, etc. Sorry folks, this is America and so these 'mass murderers' will go free just like OJ did. It will take something really stupid (like OJ did or admit it like Madoff) for them to go to jail.
Sorry folks, nothing more to see here as there are too many people like accountants, legal consultants, employees etc so Flud can easily provide doubt and confusion and of course reasonable doubt when he goes in front of a court of law.
REPO 105.04: His Master's Voice:
http://williambanzai7.blogspot.com/2010/03/repo-10504-his-masters-voice....
"buying Fuld 2015 correctional facility calls".
Not many takers on Geithner 2014s, I suppose...
Too bad all this will amount to is fill time for the media and an opportunity for various officials to give a passing harrumph. Even if these matters develop into a case of some sort it, under the best of circumstances it would be assigned to a judge that will rule agents of the executive and the various "independent" commissions have precedence over the law. Please see the matter of the SEC v Bank of America and Judge Rykoff's order for guidance.
I remember reading about how Dick Fuld got punched in the face by some dude in a gym sometime after the collapse. Can anyone verify?
If so, awesome!
Yeah, its true. Fuld was on a treadmill and some dude just walked to him and punched him in the face. Its true.
Awesome X10. So, I guess Timmay G. and Ben B. don't have gym memberships eh?
Im afraid thats prolly the closest we'll come to justice with this punk.
hmm, that being the case, it seems to set a good template / precedence for other offenders....
The fraudsters in congress will completely ignore this.
They assume the ostrich position.
Spineless bastards.
let's hope dick squeals like a pig on the stand.
Never will happen, they all know the result BEFORE they get the chance will be them being suicided. Besides, these scam artists and highly poished liars equally as underhanded as Madoff.
perhaps, but methinks dick's still got a hardon for hank and is going to do whatever he can to have him join him in the shower so they can be soap buddies again.
"Lehman's got a huge brand at Treasury, Dick, and I LOVE your capital raise." - HP 04/08
Good point, though how can Flud take down Paulson alone and not implicate Bernanke (which would be an instant Suicided of Flud)? You make a very good point about Paulson.
one thing's for certain : we most likely won't find out until the season after next on As The Empire Burns.
(gotta to give plenty of time to jack those legal fees...and survive elections.)
Dick will get the Milken stint...
Couple of years in Pleasanton palyin' tennis...
Keep half his stolen money...
Become a "philanthropist" when he gets out...
Easy as 1,2,3...
I hope it goes on trial and he presents a vigorous defense and his lawyers take full advantage of discovery with the FRBNY, Citigroup, Goldman, etc.
"If you are out there... if anyone is out there... You are alone."
This is Ripley, last sole survivor of the Nostromo, signing off.
Can the other parties in this fiasco afford to have Fuld suddenly start talking? I mean if they aren't going to protect him what does he have to lose?
Probably his life. You know, how these guys have a habbit of letting the stress get to them and having heart attacks or killing themselves or taking risky small planes in ice storms.
I'm sure lives will be at stake if Fuld cuts a deal with the prosecution for some protection.
Creative little bastard that he is, he should qualify for Secretary of the Treasury...
Dick Fuld is going to go down holding the bag for this one! Get that fool!!:))
Recently overheard " He always was a DICK"
Like MarketTruth and Shameful, I'll take Cohan's 4:1.
Fuld isn't going to face criminal prosecution, because more skeletons are waiting to come out of the closet than in a child's nightmare. He might face a civil suit, but criminally he walks free along with Ernst&Young, not to mention Geithner, Bernanke, Paulson, and the other of our "betters" who honor us with their mere existence in this world.
The only justice left is frontier justice, and for the time being we all lack the cajones to start down that path. They know it, which is why they continue unabated doing what they do.
Fuld must struggle with reading comprehension....along with GAAP accounting rules.
http://www.nypost.com/p/news/business/hope_in_the_fuld_xZSjGLQggcPCd2Jfy...
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