Dick Fuld states that he is forgoing his 2008 bonus in light of the performance of the company. HMMM! It really makes you wonder what in the world would make anyone think he had an iota of a chance of recieving a bonus with the share price down over 60% in the last twelve months. Really now, was he expecting to get a bonus?
Cioffi, of Bear Stearns, has been incarcerated and indicted on fraud for allegedly misrepresenting investors as to the viability of the hedge fund he manageged. I don't know the particulars of the case, but incarceration does seem a bit harsh when his boss, Schwartz, got on CNBC and swore everything was just fine 5 days before he agreed to sell the company of less than 5% of its 365 day moving average price.
While on that note, didn't the Lehman CFO tell us everything would be alright and Lehman has no liquidity problems (despite going to the liquidity well 4 times in 4 months for more than $9 billion). Didn't Citibank say they would not have to cut their dividend a month or two before they cut their dividend. Sun Trust will be in the same boat in a quarter or two, if that long. I can go on with this list for quite a while, but I think you get the message.