SHOCK: Man who took all the credit and money for successes not responsible for failures.

Dick "apt first name" Fuld informed a congressional committee yesterday that the failure of the bank he got paid a fair amount of money to run was not his fault because at his heart he was a socialist who supports government intervention at the drop of a hat (except when it comes to taxes of course) and because they didn't act fast enough his perfectly run bank failed.

The full depth and nature of the crisis was simply unknowable even to one as great as he, as he informed the committee:

However, Fuld told the panel, he would have needed a "crystal ball" to take more radical action – such as pulling Lehman out of the troublesome mortgage market earlier.

For those of you mortals who are lesser than Mr Fuld (PBUH) you may not realise but one can only read the details of Asian economies in the late nineties with a crystal ball. Otherwise he would've been able to predict that following exactly the same policies Japan in particular followed a decade earlier might have negative consequences.