Too Big to Fail2011

Richard Fuld:
[on the housing crisis] You know, people act like we're crack dealers. Nobody put a gun to anybody's head and said, "Hey, nimrod, buy a house you can't afford, and you know what? While you're at it, put a line of credit on that baby and buy yourself a boat."

Joe Gregory:
[chuckles] You heard anything from Buffett?

Erin Callan:
He's asking for preferred shares at 40, with a dividend of nine percent.

Richard Fuld:
[annoyed] We were just at 66. What the f***?

Joe Gregory:
Maybe it's just an opening gambit, Dick.

Richard Fuld:
Sounds more like a goddamn insult!

Erin Callan:
Dick, we're at 36 right now. We haven't been anywhere near 66 in months. The markets like Buffett. His name will push the price up overnight.

Richard Fuld:
You know, I don't care who he is. I am not spending $360 million a year for the pleasure of doing business with him. Real estate will come back.

Joe Gregory:
Koreans have been sniffing around.

Richard Fuld:
There you go. And they won't steal us blind. I've seen this before: CEOs panic and they sell out cheap. Right now, the Street's running around with its hair on fire, but the storm always passes. We stand strong, and on the other side, we'll eat Goldman's lunch.

Erin Callan:
So what do we do about Buffett?

Richard Fuld:
Screw Warren Buffett.