While on Sept 15th, Lehman Brothers (LEH) shares tumbled 80% in U.S. pre-open trade, bringing down The Dow Jones closed down 500 points , the largest drop since the days following the attacks on September 11, 2001... It's curious to find out that Richard S. Fuld, Jr. is in the top 2% of American CEOs salary: $71.9 million.

It's disquieting to find out that Lehman’s 11 directors are over the age of 70. In declining order: John D. Macomber, principal of JDM Investment Group, is 80. So is economist Henry Kaufman. Roger S. Berlind, a theatrical producer, is 77. Thomas H. Cruikshank, retired chairman and CEO of Halliburton Company, is 76. And John F. Akers, retired chairman of IBM, is 73. Each of them has been a member of Lehman’s board for almost 15 years on average. (see: Where Was Lehman's Board? )

Lehman Brothers is bankrupt. Merrill Lynch is being swallowed by Bank of America. Bear Stearns is already dead. American International Group (AIG), the biggest insurance company in the world, is also going down... Is this the start of the beginning of the end?

Labels: the economist