What does this mean?
We'll now see the first public flogging (not literal, of course) of one of the Wall Street crisis principals.
Expect this to be a day of blood sport on Capitol Hill. One hopes Mr. Fuld will wear asbestos boxers as protection against the onslaught of questions by House members eager to prove themselves and take a small token of their bravery back to show constituents that the bailout wasn't their fault - it wall all due to those nasties on Wall Street.
Rather reminds me of the executions during the Elizabethan era in England, when families would make a day of it, pack a lunch, and watch the proceedings as the executioner donned a black hood and used a blunt axe to hack of the head of whatever luckless fool was on the menu today. Head removed and placed on a pike along a public road, they could proceed on to the next.
The crowd got in on it, shouting at the unfortunates, oohing and aahing as the crimes and sentence were read.
Not at all like now, when, like war, executions are held away from the public and sanitized.
Here's the excerpt - not as sarcastic in tone as my post, but it will do.
By Stephanie Kirchgaessner in Washington
Published: October 5 2008 23:30 | Last updated: October 5 2008 23:30
Richard Fuld, the Lehman Brothers chief executive who has kept a low profile since the collapse and bankruptcy of the once-venerable Wall Street bank, is expected to appear on Capitol Hill on Monday. There, he is likely to face a verbal lashing by lawmakers for his role in the financial crisis.
A hearing on Monday by the House oversight committee, in which Mr Fuld has been asked to testify about Lehman’s bankruptcy, is the first public examination of Wall Street’s failures since Congress approved an unprecedented $700bn rescue plan to shore up the financial markets.
Given the public outrage over “greedy” executives who presided over the near collapse of the financial system, the interrogation will likely mark a difficult chapter in Mr Fuld’s long Wall Street career.
But it will also be the first opportunity for the once-revered chief executive to offer his version of events.
He is likely to reiterate the personal remorse he expressed to Lehman workers in an internal memo, in which he said he felt “horrible” for their personal and financial pain. But Mr Fuld, a former bond trader known to associates as “the gorilla”, may also attack some of the claims that are likely to be thrown at him.