U.S. Recession: Real or "Man-Made", writing homework help

Jun 1st, 2016
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Question description

Some of our citizentry believes that the recession is "man-made" because greedy "wall-street" people (and corporate boses) tried to make money by peddling risky investments...coupled with a selfish accumulation of personal wealth without regard for the potential negative economic impact.

It was reported that 18.4 billion dollars ($18,400,000,000) in bonuses was paid out to "wall street" people. Ironically, the pay-out money was siphoned from the bailout money (provided by the U.S. tax-payers).  Some feel that this action amounts to "Financial Treason" at a time when many of our companies are on the verge of extinction.

Your assignment is to get to know some of the "key players" and render an opinion regarding the above-mentioned information.

Assignment - Part 1  -  Write a brief profile on each of the following individuals....and include their contribution to the current economic situation (positive/negative/nuetral?):

1. Richard Fuld, former CEO, Leman Brothers

2. Allan Greenspan, former Federal Reserve Chairman

3. Robert Rubin, former CitiGroup Chairman

4. Angelo Mazilo, former Country wide CEO

5. Jimmy Cayne, former Bear Stern CEO

6. John Thain, Merrill Lynch CEO

One might ask the question...."what does this assignment has to do with this course"?  The answer is "everything"! This assignment is intended to give you a minute glimpse of the "real" business world and enhance your ability to draw meaningful conclusions and make informed/sound "business" and personal decisions.

By the way, the justification given for the receipt of such an exorbitant amount of  "bonus" money is as follows:

1.  The money has to be paid in order to attract and keep the very best managers (high performers).

2. This is a free-enterprise system. People are entitled to as much money as they can make (or take!).

3. The bonus pay-out is 44% less than what was paid out in the previous year!!

Assignment - Part 2  -  Write an opinion based on the information provided and your completion of Assignment Part 1.

Tutor Answer

(Top Tutor) Dr val
School: Carnegie Mellon University

Running head: RECESSION




Recession is a time where a countries experiences a decline in the economy and a fall in the
gross domestic product. Trade declines for two consecutive quarters or over a number of months;
this is seen through employment, industrial production and incomes among others. Below are
some of the key players that were involved in one way or another in the great recession and the
role they played towards it.
Richard Fuld
Richard Severin Fuld, Jr was born in 1946, he graduated with a BA from the University of
Colorado and later received his MBA at the New York University Stern School of Business. His
career began at Lehman Brothers in 1969 and he remained with the bank. Mr. Fuld served at
various positions during this time; he became the President and Chief Operating Officer of
Lehman Brothers Holdings Inc. and Lehman Brothers Inc. from March of 1993 to April 1994.
Later he became Chief Executive Officer between November 1994 and December 2008. He was
a renowned Member of the Board of Governors at the New York Stock Exchange.
He is well-known for having successfully managed the initial subprime mortgage crisis.
During his time as CEO, his managerial style was however put to question and he was associated
with the downfall of Lehman Brothers during the financial crisis of 2008. It is believed that his
managerial aspects is a contributor to the demise of Lehman Brothers. He was a risk oriented
individual according to his corporate culture and he was mostly motivated by the greed of
money, he was also very power hungry. Poor assets and risk management was observed during
Lehman aggressive pursuit of mortgage securities within the vulnerability of the over

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