Ka Boom

Retribution often means that we eventually do to ourselves what we have done unto others

On this the first anniversary of the start, explosion, crystallisation (depending on your take!) of the GFC, Honestly Lay Bare decided to don the lycra shorts and hop into the Tardis to a visit to a New York gym exactly one year ago last Sunday night.

Before we do, however, some context.

On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history.

The Chief Executive Officer of Lehman Brothers at the time of its collapse was Richard Fuld.

The business news cable network CNBC reported at the time:

“He went to the gym after ... Lehman was announced as going under.

He was on a treadmill with a heart monitor on.

Someone was in the corner, pumping iron and he walked over and he knocked him out cold.”

**

Only problem is that the story – as good as it sounds – isn’t true.

The (then) Lehman Brothers gym isn’t open on a Sunday – the day that the alleged incident occurred.

Here at Honestly Lay Bare we are never one to let facts get in the way of a good story though and the tale of the punch got us thinking.

What retribution does a diligent, hard working and honest employee have when they perceive that their bosses are not a mirror image?

We do not condone violence – primarily because we fight like a blind fish hailing a taxi.

Of course one could whistleblow – and there is most definitely a place for that as there should be.

But what if someone doesn’t want to go that route – what next?

Complain will get you so far but probably will just raise your anxiety levels if the person you are complaining to is the source of your original angst.

Resign perhaps?

Honestly Lay Bare has always held the view that a good internal auditor is one that has their resignation signed in their top pocket for this very reason.

In the Lehman case – that option went out the door as soon as the Chapter 11 was signed off.

Hence the reason we guess that everyone was so keen to believe the Fuld Decked by an Aggrieved Employee story!

We are, in the end, humans seeking retribution when we perceived that we are wronged.

For the simple minds of Honestly Lay Bare, therein lies the GFC story for the ages!