Wednesday, 11 September 2013



Whatever happened to those Wall Street and City of London "Masters of the Universe"?

"We are doing quite well, thank you kindly."

Richard Fuld, former CEO of Lehman Brothers Holdings Inc.Fuld earned about $69.5 million in 2007, the year before Lehman Brothers filed for bankruptcy in Sept. 2008. From 2000 to 2007, he was awarded about $889.5 million and cashed out about $529 million of that before the company went bankrupt. He owns homes in Greenwich, Connecticut, Jupiter Island, Florida, and a ranch in Sun Valley, Idaho. Fuld has since started a consulting firm called Matrix Advisors LLC.ption

Meanwhile, the plague of executive parasites and tape-worms who suck their organisations dry then crawl off to tax-havens, as the corporations founder with immense debts, has spread to London. The master thieves, organised crime operating at its best, have even infested the public service sector. Are there any large organisations in the world that are not run by covens of fraudulent conspirators, whose aim is to steal from the company  - backed by crooked auditors and lawyers? This letter responding to a scandal at the BBC tells a very British tale: 

9 SEPT 2013 - Dear Sir - The BBC executives took money that was not contractually or legally theirs (BBC HEARING Pieces of Silver Guardian 10 Sept 2013). That was theft. If several executives were accessories to the crime, then it was a fraudulent conspiracy – of, I heard on BBC radio, £25 million - (today updated to an estimated £60 million). Such raids on corporate funds by officers whose main duty is to protect the integrity, structure and future of their organisations, have become commonplace since 1980. 

The BBC scandal coincides with a record £14 million fine on Deloitte, for malpractice as auditors of MG Rover, where 4 directors gouged out £42 million before collapsing the company, owing £1.4 billion to employees and suppliers – more theft. All such “rewards”, often paid via tax-havens, should be confiscated as proceeds of crime and the thieves and advisers jailed for decades. White collar crime damages nations more than any other. Most of the conspirators are left to freely enjoy their ill-gotten gains.

Not only do these exemplars of sociopathic, executive greed steal hundreds of times more than they could ever need or spend, but they also siphon out their loot via tax-havens, paying nothing back to society and depleting national treasuries via tax-evasion-capital-flight - destroying millions of jobs. It is time to get angry, jail the criminals and cap executive "rewards". In Britain, recovering from World War Two in the 1950's, struggling for social justice, top slices of such high incomes were taxed at 95% (sur-tax and super-tax) - and Britain experienced mercurial economic growth and full employment.

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