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| Dino, I agree looks like Lehman is the net skittle to fall. In my opinion if Freddie Mac and all the others can fail so can any other bank including UBS. I also was shocked when Swissair went bust. We are living in a time when nothing is sacred. Any firm not backed by a Government can go bust, especially if its managers have no clue what their employees are doing in the name of the company,on behalf of the management. I have no sympathy at all for all these so called Bankers, who rack up multi-billion write-downs. Their practices stink. They have ever more regulations, and yet still manage to lose money hand over fist. I find the losses something that collectively they should be ashamed of, I am shocked that so few fall on the sword, before it falls on them. | |
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SPB
pure ignorance or incompetence wouldn't be so bad. even terminal stupidity can be guarded against. the problem here is that the bankers and politicians and regulators all play this elaborate charade that ends up with you and I getting screwed.
get this ... Fannie and Freddie were created by the US Govt, and returned hefty rewards to both shareholders and employees (especially the big boys at the top), yet were allowed to spend some $800 million and $100 million respectively on LOBBYING the same government over the last decade...
the Freddie CEO (who had his ass fired two days ago) will collect some $14 million in severance. MOST of this accrued due to a small clause that was inserted into his contract in July. Yes, thats July 2008. after it became clear that the ship was going down.
Thats not incompetence... thats simple theft. of taxpayer money.
anyone doubt that he shared it with the cops ???