Outrages this Mr.Fuld - 2nd Wallstreet Icon still counting

I do not get this guy if its true that he had an offer on 25% of the company for 6 bil. by the Korean and he did not take it he is a .... - there is no margin for errors and he wants anything about bookvalue (discounts not premium is the name of the game).
Now we are again in a bailout situation with FED and Treasury involved although I doubt any backstop offer from the FED - I think we would be horrified to hear the losses they have on the Bear Stearns stake ( not getting puplished but a 30% haircut is pobable but its hard to say). The likely solution would be a broad bailout attempt like it was done for LTCM since no single buyer wants to stem the risk with any FED backstop which they do hesitate to do this time. Without the special lending facility LEH would have been bankrupt months ago as may be others. Only two ways to bail them out ( Nomura gets it ll now for 1.9 bil - thats pretty sad) a pool of banks agrees to buy and sell of the pieces over time but that depends on the risk the toxix 60 bil. exposure we now about still has after the write downs. Bank of America or Goldman only step in with a backstop of taxpayers money, why should they buy losses anyway but so close to elections I doubt the latter version. On the other hand they cannot afford to let the Icon fall in disgrace since it puts the whole US Investmentbanking into doubt going forward and would also undermine the trust into the US financial system. That is a signal they do not want to be out (almost too late) but again the FED and SEC should (have dealt with that in foresight ) bring in tougher rules a.s.a.p. about the communication dilligence of CEO's with legal consequences if they do not come up with reality and truth. It can not be that one gets sentenced for stealing an apple but destroying billions of dollars by untruthful information announcements are not worth mentioning. Mr Fuld had a clear chance months ago after deciding to buy in all this garbage at the high and he totally failed to act but at this point I have to critzise again the FED's attitude yes they reminded everyone too raise enough cash but they also should have been more demanding in reducing risks. Sure its easier for Goldman to write off the risk if the earn money and can afford to dump stuff at 10-20 cents but Mr Fuld choose to play the market by showing good quarters a year ago when most others made write down thats not the right way to deal with it.

Just delivering lending facilities does not solve the problem as we see and basically although some public figures praise them(FED / Treasury) they are not doing a good job at all. An evil mind could even see more but I do not want to get into that conspiracy topic now but sometimes its hard to understand what Harvard MBA's and Ph.d's are good for if even a 6 year old without ground school training could do better.