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2008: When Wall Street scandals started to sound like a Dickens novel

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I'm not sure when it happened, but I think that I've slipped into a Charles Dickens novel.

I got my first clue that something was up back in September, when Lehman Brothers filed for bankruptcy. Amid scandals over bailouts and backroom deals, congressional testimony and AIG retreats, one figure quickly emerged from the mass of bloated plutocrats and greedy execs clamoring for bonuses. Everything about Dick Fuld, from his cartoonishly aggressive management style, to his whining over Congress' refusal to bail out Lehman, to his striking resemblance to Rocky and Bullwinkle's Fearless Leader, made him the perfect poster boy for corporate greed. As more details leaked out, including the story about Fuld being pummeled by one of his employees, much was made of his name. In the public mind and this writer's heart, Richard Fuld was permanently transformed into a complete Dick. All in all, I was hardly surprised to see Lehman fold.

Another clue came when the story leaked out that Merrill Lynch CEO John Thain tried to collect a $10 million bonus. The fact that this bonus was, supposedly, based on Thain's performance in a year when Merrill lost billions of dollars made Thain's chutzpah almost legendary. My wife, who has had dealings with Thain in the past, noted that this aristocratic sense of entitlement permeated every single one of their interactions. I, on the other hand, couldn't help but remember the words of the witches in Macbeth, who hail the Scotsman as Thane of Cawdor, Thane of Glamis, and King hereafter. There seemed to be something ironic about an ambitious, clawing Thain who so clearly felt himself deserving of the spoils of war.

There have since been others. For example, when I first heard of Bernie Madoff, I thought nothing of his last name. However, when I learned that the proper pronunciation isn't "MAD-off" but rather "MADE-off," I couldn't help but laugh. For somebody who "made off" with billions of dollars, Bernie has a name that would put Dickens to shame. Following him, of course, there's been Joseph Forte, the Ponzi schemer who put on a "strong" front, but couldn't hide the fact that making money wasn't his forte. Frankly, punning off these guys is so easy that it's almost embarrassing.


Perhaps the biggest clue came when I came across the name of the holding company that is directly liable for 2007's Deutsche Bank tragedy. John Galt Holdings, which repeatedly ignored fire department regulations and governmental restrictions, shares a name with the protagonist of Ayn Rand's philosophy tract-cum-sexy potboiler Atlas Shrugged. What's more, like the holding company, Rand's hero was furiously opposed to government regulation.

My investment counselor, J.D. Screwthelittleguy, assures me that my fixation on names is a form of psychosis, and that this is all in my head. Needless to say, my lawyer, Fred Bloodsuckingweasel, Esq. agrees. Personally, I'm not so sure...

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DJIA-30.4610,420.49
NASDAQ-12.162,163.85
S&P 500-1.981,104.26

Last updated: November 24, 2009: 02:21 PM

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