Yesterday was International Talk Like A Pirate Day.
On Wall Street, every day is International Behave Like a Pirate Day.
The embattled company paid out $US5.7 billion in bonuses in 2007 alone, with senior executives including CEO Dick Fund receiving the biggest payments.
It really said "Dick Fund" - that's not funny, those were our funds they were dicking around with. Actually, Lehman CEO Richard Fuld was awarded a $22 million bonus for 2007. Now shareholders like me have been wiped out.
None of that will matter to Fuld's personal bottom line. Though he is declining a bonus this year, it appears as though his financial cushion is substantial.
That's the main point. They've already raided the ship, now they don't care if it sinks.
But I'm a compassionate guy, I am very glad that Richard Fuld is alive and well. Honestly. Because if he had died or become disabled, Fuld's payoff would have been $434.7 million.
According to lawyer Ben Phi:
If Lehman's executives were frantically redistributing the company's wealth to themselves when the company was in trouble, then they'd clearly have a case to answer