It seems as the economy is recessing the anger of the employees is on the rise. Richard Fuld, the disgraced head of Lehman Brothers, was punched in the face in the office gym amid the bank’s collapse. I know the news is a bit old. But I thought about the lucky fellow who availed the opportunity to give vent to his anger. How many of us want to punch our boss on many occasion but … what Richard Fuld, former Lehman Brothers CEO, and his team was doing for such a long time, it seems, this is a very small price to pay. Lehman Brothers, was particularly badly hit by “toxic” mortgage debt and filed for bankruptcy last month. Richard Fuld, the former CEO of Lehman Brothers had given a low down on bank’s financial crisis before the US House Oversight Committee. Richard Fuld was genuinely surprised that why the US government was not bailing out the 158 years old firm.
Those who has seen him testifying before the US House Oversight Committee said that his performance was brilliant. he blamed everyone but himself for the failure of the 158 year old Lehman Brothers.
Vicki Ward, a US journalist, said “two very senior sources – one incredibly senior source” had confirmed it to her. “He went to the gym after … Lehman was announced as going under,” she told CNBC. “He was on a treadmill with a heart monitor on. Someone was in the corner, pumping iron and he walked over and he knocked him out cold.
“And frankly after having watched [Mr Fuld’s testimony to the committee], I’d have done the same too.”
Is our economy really slowing down? Common people are really talking about economic recession instead of sports and films ? If I go by the newspaper headlines, it seems economic recession has really caught the imagination of print media. Each day I can see the creases and frowns in their headlines about recession. Instead of political news, economic recession news seem grabbing the headlines.
I know vaguely about this company AIG, because I have seen the ads of Tata-AIG insurance on TV. What I know is, AIG is one of the biggest insurance companies in the world. Recently AIG was hit hard by the turmoil in the credit markets in September 2008. But AIG got a fresh lease of life after an $85 billion government bailout. Basically AIG had faced a near death situation. But I have my own doubts that economic recession is actually happening when I read about this company AIG something like this:
Just six days after sticking taxpayers with an $85 billion bailout, AIG’s top executives dropped $500,000 whooping it up at a swanky California beach resort.
Among the charges American International Group racked up at last month’s week-long retreat:
- $150,000 for banquets,
- $10,000 in bar bills,
- $3,000 on tips,
- $7,000 in greens fees,
- $23,000 at the hotel spa
- $1,400 at the salon.
"They were getting their manicures, their facials, their pedicures and their massages while American people were footing the bill!" barked Rep. Elijah Cummings (D-Md.), a senior member of the House Oversight and Government Reform Committee, which is probing the ever-growing financial collapse.
Do you still think that we are facing economic recession?