Gather round children and a sad tale I will tell about a poor millionaire who was forced into a life style that only allows him to have homes in islands and wealthy suburban areas due to actions by the evil Federal government. Former Lehman Brothers boss, Dick Fuld told a Crisis Inquiry Commission, that while it is true neither he nor his company was exactly picture perfect, it simply is not fair to blame them for people losing billions of dollars. “I certainly made mistakes. Did we do everything right” We clearly did not. I myself did not see the depth and violence of the crisis…. I believe we made poor timing for the assets we bought.” He blames the Federal Reserve for not allowing his company access to the “discount window” which would have allowed obtaining access to cheap capital.
Let me get this straight. If during the heady days when Lehman Brothers people earned hundreds of millions in profits if I came to see a loan officer and said I had made mistakes and loused up, am I to assume Lehman Brothers would have given me access to cheap capital? Me thinks not.
Anyway, poor Dickie had to sell off an art collection and get about $20 million for it. It is a tough life living on only $20 million when he could have earned a few billion if only those lousy stingy people in the Federal Reserve had given him a few billion.