What a joke? Lehman Brothers, Richard Fuld

I cannot believe this reading another article, the Head of US Bank Lehman Brothers has spouted out that he has taken home over $300m dollars in bonuses and pay in the last 8 years.
I mean $300m that is more money than most people can dream of and write as a figure let alone spending it and earning it! No wonder this company went “bust” as this is a complete outrage, i am totally flabergasted.

The bonuses and pay that he has received, why has he received them? His company needed a $700bn rescue plan to stay active, $300m was sent to a guy who made bad decisions? Should the ‘bonus money’ be returned, obviously i do not think this will be viable, but i think it should.
Richard Fuld the Head of US Bank Lehman Brothers talks about their compensation system about how it lost huge amounts of money and i mean vast as mentioned above. But.. then he has the cheek to say it has worked. How can something work if it is losing that vast quantity of money and to therefore make a huge US bank go into liquidation.

My Fuld’s end quote being “I do not want you to feel sorry for me”, then he thinks what have i just said. This error and that quote could be one of his biggest mistakes of his life.

The Uk’s banks share prices fall even lower.

It was only a matter of time, before the banks share prices would fall lower, due to all the other circumstances and happenings at the moment.

Supposedly the banks have met with Alastair Darling to discuss some sort of rescue plan.. what does this mean again? He is going to bail them out with the tax payers(our) money? Is this right?

Royal bank of Scotland fell 32%, Barclays and Lloyds TSB together down 9% and HBOS fell another 14%.
All of the banks are not disclosing the fact that they require even more money from the Government.  All of the governments are attending the Summit in Luxembourg to discuss this financial crisis and to discuss whether or not they should be giving them banks money.

They most obviously will bail them out, like they have done before, and will most likely do time and time again, it is amazing how the government rob you off any penny you may have but do this like no question?

What are your opinions on this?

Another day another story across the Globe..

The FTSE 100 Index

The Financial Times Stock Exchange 100; offers up-to-the-minute indications of market performance; also known as The Footsie.

The FTSE falls 391.1points to close the day on 4,589.2 points.

According to a report this fall in points means that nearly £100bn has been taken off the value of the index’s shares. How in such a day can £100bn can just be lost. Its incredible, that money that you can only dream of, or even think to write the amount of zeros that just be gone in one day.

The Chancellor Alastair Darling again said the british government would do anything in its power to ensure the financial system to become stable.  Perhaps by using even more tax payers money? Should this be right?

Even in the United States (New York) The New York Stock Exchange fell 370 points to end at just below 10, 000 points, this is the lowest point since 2004.

Both of these falls in the markets are down to the events that have happened recently, the German bank rescue plan (talked about in a previous post), and the other events that are ongoing around the globe.

A quote :

“The Bank of England meets this week to decide on interest rate policy.

Many economists expect a cut from the current rate of 5%.”

My Next post will probably discuss into detail what this proposed strategy will be.