以下是引用Caffeine在2008-9-12 17:04:00的发言：i agree that Fuld had tried to cover up for too long but he has suffered personally by his greatly reduced wealth. But I don't think that most of the employees deserve it nor do the common share holders. The firm doesn't deserve it because it was killed by the lack of confidence and rumors, not by the lack of liquidity. The rating downgrade warning from Moody's was the nail on the coffin. Look at the short sellers, they didn't even increase short sellings, unlike what they did before the Bear incidence. i think that it means something. It takes 100 years to build a GOOD investment bank. It's the world's loss.
1. Fuld could have tried to sell Neuberger earlier and that would have saved something for the common shareholders and maybe even the firm.
2. Almost all bank liquidity issues are caused by rumors and speculation, so one needs to ask what caused the rumors and speculation. The fact that Fuld tried to cover things up certainly didn't help.
3. One bad investment can kill the whole company; it has happened many times: LTC, Amaranth, etc. But it keeps happening coz that's the nature of this high leverage business. Rest of LEH may be pulled down by MBS/ABS people, but hey that's part of the game.
I guess I just don't have as high a regard for people on wall street. Not sure what makes LEH a GOOD investment bank. They are all the same IMHO, risk takers and speculators. I think they deserve the payoffs with that much risk, yet they have to stomach the downside too when the market goes the other direction.
[此贴子已经被作者于2008-9-12 18:04:49编辑过]
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