Tuesday, September 8, 2009

Eat the Rich: Idiot Ex-CEO Edition

Dick Fuld is a walking example of why every wealthy individual should be conversant with socionomics and Elliott Wave Theory. If he had spent some of that time on his corporate jet reading Socionomics: The Science and History of Social Prediction or any of the articles written about mass mood, he would know not to be suckered in by this false sense of optimism that the financial and political elites are feasting on right now.

Fuld thinks the danger has passed. He is being suckered by a Primary Wave 2 rally, in my opinion. When mood turns and the markets and news stories follow that mood down to depths of mass anger and fear unknown in our lifetimes, he will be wishing he had kept his damn mouth shut and praying that the mob will have forgotten his name:

Reuters Exclusive: Fuld says being "dumped on" for Lehman failure
By Clare Baldwin, Jui Chakravorty and Jonathan Spicer
NEW YORK/KETCHUM, Idaho (Reuters) - "You don't have a gun; that's good."

That was how Richard Fuld greeted a Reuters reporter who had tracked him down to his country house in a bucolic setting beside a river and amid tree-covered slopes in Ketchum, Idaho last Friday.

The man vilified for the collapse of Lehman Brothers (LEHMQ.PK) almost a year ago, a failure that triggered the global economic crisis, seemed burdened but not crushed by the pressure of the upcoming anniversary.

Standing on his gravelly driveway wearing a black fleece vest, dark gray shorts and sandals, Fuld indicated he was torn about speaking out in his own defense, partly because of ongoing litigation but also because he felt the world was not ready to listen.

"You know what? The anniversary's coming up," he said. "I've been pummeled, I've been dumped on, and it's all going to happen again. I can handle it. You know what, let them line up..."

Fuld seems to "get it" in some ways. He mentions the gun and he talks about it not being to time discuss his efforts at Lehman. He obviously has some sense of timing and mood. But he gave in to vanity, gave in to the urge to get his story out and instead of politely telling the Reuters reporters to come in for some coffee and then go away, he started talking. Does he think anyone cares he now flies Delta back and forth to Greenwich? Good Lord, his plane tickets each week are probably more than the unemployment benefits a lot of people are living on right now - and whining about the government not bailing Lehman out is the height of mendacity. He is of a class of American that preached to the masses the benefits of free enterprise and limited government intervention in the economy and now he is whining that he didn't get a handout from Uncle Sugar. Idiot.

He has been made a symbol, an icon on which anger can be focused. His name is one of the many channels down which rivers of anger will continue to flow for a generation. It isn't fair, but the coming revolutionaries will say that the income he steered to his bank accounts wasn't fair in terms of his benefit to society. Whining about how you are treated does not go down well amongst a populace that is experiencing high unemployment and a rising sense of fear as they watch the foundations of their future prosperity crumble to dust.

Mr. Fuld, for your own safety, please be quiet. Your instincts to lay low were correct. Don't let this rally sucker you in to talking with the various media that cover this case.

And please, don't ever say something like: "I do believe at the end of the day that the good guys do win. I do believe that." It is the kind of quote can easily be brought up by the prosecution in closing arguments in a show trial.

Dick Fuld is a shining example of how not to handle the false optimism of a suckers rally. If you can learn anything from his job as poster child for the idiotic wealthy classes it is this - don't be a Dick...

No comments: