Richard Fuld, the chief executive officer of Lehman Brothers Holdings Inc., said the investment bank was felled by rumors, out-of-date rules and slow reactions by regulators that fueled a ``storm of fear'' on Wall Street.
Fuld, 62, blamed ``a litany of destabilizing factors'' for Lehman's failure, including widening costs to borrow, accounting rules that forced it to write down the value of its assets to fire-sale prices, short selling without having to borrow the shares of a company, and imminent credit downgrades by rating companies. He said he took ``full responsibility'' for the decisions he made, and said Lehman ``did not mislead investors.''
Let's dedicate the Lewis Carroll classics to Mr. Fuld's 'heartfelt' weeping and gnashing of teeth.
Today in History-
October 7, 1849 -
On this date, Edgar Allen Poe was found in a delirious state (Maryland) outside a Baltimore voting place (saloon). Mr. Poe was often found delirious, especially outside voting places, but this time his delirium was serious and he died.
October 7, 1952-
American Bandstand premieres. It premiered locally as a live show, Bandstand, on Philadelphia television station WFIL-TV (Channel 6, now WPVI-TV) on this date in "Studio 'B'", which was located in their just-completed addition to the original 1947 building (4548 Market Street) and was hosted by Bob Horn, with Lee Stewart as co-host. Dick Clark did not become associated with the show until 1956.
October 7, 1855 -
It was on this day in San Francisco at the Six Gallery, the poet Allen Ginsberg read his poem "Howl" for the first time. The poem begins, "I saw the best minds of my generation destroyed by madness." His friend Jack Kerouac sat on the edge of the stage and when Ginsberg was done, the audience exploded in applause.
When Lawrence Ferlinghetti published the poem "Howl" out of his City Lights bookstore in San Francisco, he was arrested and tried for obscenity, but he was found not guilty.
October 7, 1917 -
June Allyson, Golden Globe-winning American film and television actress and Depends spokesperson was born on this date.
October 7, 1952 -
It's Vladimir Putin's birthday. Do you think Sarah Palin is going to open the kitchen window and shout out 'Happy Birthday' to him?
October 7, 1960 "Route 66" premieres
October 7, 1964 -
Walter W. Jenkins, chief White House aide and longtime friend of President Lyndon B. Johnson, is arrested for disorderly conduct two blocks from the White House. Jenkins was discovered in a YMCA pay toilet with another man. Ultimately, Jenkins is forced to resign, so as not to jeopardize Johnson's re-election campaign. Jenkins stated that during his arrest, his mind had been "befuddled by fatigue, alcohol, physical illness, and lack of food."
Yeah, that's it, befuddled by fatigue... Nothing is new under the sun, or in a men's public restroom.
And so it goes
As a native Baltimorean I must protest the aspersions you seem to be casting on my home city's political processes.
ReplyDeleteSharon