Friday, December 5, 2008

Sides of the story

Earlier, there was some talk about culprits. We can take that a little further and put a face on positions that will be cursory, for now, with more to come. Sort of like looking at sides of a story.
  • - We have to start with Grasso whose tenure at the Street got him some $140M and more. He did not work any harder than many, in the same period, who were paid essentially nothing in comparison to Grasso's take.
  • - Weill, of Citi, got things started in the sense, as the King of Capital. His efforts to heat up things really got the fictitious capital urn to bubble.
  • - Rubin, of Citi, was an absent overseer. Thomas Friedman had a piece in the New York Times in November (2008) that discussed how Rubin's role, or his gig on the booard, got in some $115M or so. Also, see WSJ Editorial, December 3, 2008. The WSJ asks, what did Rubin do for his pay? Both Rubin and Weill pushed Citi toward its disastrous dealings.
  • - Silverman of Cendant. See Roben Farzad's article in the Business Week of December 8, 2008, titled "Heads They Win, Tails You Lose," in which we see investors' red ink provide a take out of $100Ms for Silverman's pocket.
  • - Ben's, he of the blink, role was covered by John Cassidy, in the New Yorker, December 1, 2008, "Anatomy of a Meltdown," where Ben is depicted as persisting in not wanting to call a bubble a bubble. No, we have to deal with poop oops, he says.
  • - Owner of Chrysler who jointly was owner of Mervyn's who recently declared bankruptcy and destroyed the lives (and fortunes) of oodles of workers while the private equity investors got their large mint.

04/03/2011 -- Need to look at some background. Too, tranche and trash.

09/15/2009 -- Lessons, one year after Lehman. Also, Time on culprits.

06/17/2009 -- Notice the absence of Milken.

12/17/2008 -- USA Today had their list of culprits.

12/06/2008 -- So, as well as players, we can list things to discuss further.

Modified: 04/03/2011

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