Many of you are likely somewhat familiar with the mortgage fiasco currently underway in the United States. This year alone, the USG has bailed out three major banks using tens of billions of taxpayer dollars. However, from now on it looks like US banks are stuffed:
When Treasury Secretary Henry M. Paulson Jr. flew to New York Friday evening, he brought only one change of clothes. And he planned to send a simple message to the powerbrokers of the financial world: No government bailouts would be offered to Wall Street.
This week, Lehman Bothers filed for bankruptcy and Merrill Lynch & Co. was bought out by the Bank of America. Now, how would you feel as a Lehman Brothers employee if you were laid off while those above you made a quick buck off of what amounted to predatorial money loaning? Well, a painter has asked Lehman employees and the general public on Wall Street to weigh in using his “Annotated Fuld” (after Richard “Dick” Fuld, the now defunct CEO of Lehman Brothers):
If you click on the image above, you can distinguish between employee (in green) and the general public’s (in black) annotations. The general public’s comments are all fairly angry, whereas the employees’ comments, while poignant, ranged from “This Sucks” and “You are a coward” to “Thanks for the memories!”
How would you respond?