Fresh from the wreckage of Lehman Brothers, Dick Fuld will be departing the firm officially. The $34+ million he took home in 2007 aside, he will be getting no bonus this time. Let that be a lesson to you.
Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld, who took home $34.4 million in pay in 2007, will leave the bankrupt company by the end of the year without any bonus, a person familiar with the matter said.
Lehman Chief Fuld Said to Be Leaving Bankrupt Company [Bloomberg]
Posted by guest , Nov 05, 2008 12:51PM
First! (Unless I'm not.) Biotches!
Posted by guest , Nov 05, 2008 12:58PM
Fuld out by Year end - No bonus - Uhh was he expecting one?
In fact he said he wasn't taking one - when did he become eligible again - After LEH went bankrupt?
Posted by guest , Nov 05, 2008 12:59PM
They should make sure that Joe Greggory goes with him. This Chief Operating Office seemed to be distracted while his company was failing.
Posted by guest , Nov 05, 2008 1:02PM
There is justice in this world after all. The Evil Count gets a stake driven through his heart, at last!!!!! When Fuld is convicted of major crimes against the financial system a few years from now, we can finally put the horrible experience behind us. Everyone from Lehman should be there for the trials to see him convicted and walked out in cuffs with a 543 year sentance.
Never again.
NEVER AGAIN.
Posted by guest , Nov 05, 2008 1:12PM
Lighten up Francis.
Posted by guest , Nov 05, 2008 1:14PM
Lighten up Francis never gets old.
Posted by guest , Nov 05, 2008 1:17PM
Too Gorilla, didn't read.
Posted by left_coast , Nov 05, 2008 1:21PM
a few weeks off and then a comfy brown metal desk job at the fed.
Posted by guest , Nov 05, 2008 1:22PM
And when Fuld is in prison will bet he gets more than a punch in the face at the gym - a little sodomy with your breakfast, BITCH?
Posted by guest , Nov 05, 2008 1:22PM
it's about time
Posted by cy , Nov 05, 2008 1:23PM
4-
Uhhh...exactly what "crimes" did this guy commit? He was the head of a company that went bankrupt. The guy bet big and lost. Now he's out $950MM and his reputation is ruined. However, I don't know that he has done anything illegal.
Posted by guest , Nov 05, 2008 1:25PM
he can share a cell with Greg Marmalard
Posted by guest , Nov 05, 2008 1:32PM
@11 ...misrepresenting the company's financial situation to people who owned the stock...dumbass
Posted by guest , Nov 05, 2008 1:34PM
hey 11 - ask the several thousand lives and futures he fucked. Ask the hundreds of vendors he fucked. And ask the few dozen people who warned him A YEAR AGO that this was going to happen. Fuld, fuckin piece of shit that he is, thought he was sans reproach. When you are the CEO, it ultimately stops at your desk. He had the warnings and the power to stop it, but the greedy fuck just kept going on his crack high. Made a nice chunk of coin while he was at it too.
Hey, why don't you just go to work for the Public Defender's office and stand up for these crooks when they go to trial? They are going to be eaten alive.
Posted by guest , Nov 05, 2008 1:39PM
Wow, I sense a lot of hostility here. Think I should just flee the country now?
-Dick
Posted by guest , Nov 05, 2008 1:45PM
13 Bad manager, but not a criminal. Simple as that. Painful to many, but you should just deal with it and move on.
Posted by cy , Nov 05, 2008 1:48PM
13-
Still not seeing a crime there. If he blatantly lied about something on a coroprate filing, then yes, that's a crime. Giving sunny projections about the future of your company is not.
14-
fucking "several thousand lives and futures" is not necessarily a crime either. Perhaps these "few dozen" people should have been more vocal in their warnings. If investors thought that LB was pursuing an unwise course of business, there was nothing to stop them from selling out (or even getting short.) I would guess that most of the investors, however, were also on a "crack-high," so long as the share price kept rising.
Look, I've got no love for fuld, but to suggest that he's committed "major crimes" without any evidence to back it up is irresponsible.
Are you suggesting that had anyone else been CEO for the past couple of years this whole thing could have been avoided? I'd wager not.
Posted by guest , Nov 05, 2008 2:26PM
# 17 & # 18..Sopreading false rumors re: the financial condition of a public company is fraud.
Treasury was telling Fuld he should be raising capital..Fuld went public and stated there was no need to raise capital, the company was in fine shape. He he told underlings to mismark real estate inventory-again Treasury warned him...that is a felony as well.
Spreading false rumors (the felony) is not limited to short sellers...hmmm...did any short seller ever get charged beside that twinky on a trading desk on the sell side who made 25K on a false rumor?
Posted by guest , Nov 05, 2008 2:30PM
The "hole" in LEH balance sheet is ~400bil. The "hole" in Enron's balance sheet was 70 bil...just a lack of judgement? Get Bent!!!
Posted by guest , Nov 05, 2008 2:31PM
Can you say "safe harbor"?
Posted by guest , Nov 05, 2008 2:37PM
yes I can...wasn't that the defence re: Eron?
Posted by guest , Nov 05, 2008 2:50PM
Nothing in the world worse than an Obama DOJ for Mr. Fuld.
Posted by guest , Nov 05, 2008 3:08PM
hey 18 - very good way of putting it. So that's why Uncle Fed did not bailout Lehman, they were one of the Dirty Dozen that warned Fuld about Fraud/Felony on the doorstep? Uncle Fed knew Fuld was a lost cause due to his complete arrogance, and let Lehman fail because the blood was already too set on the cloth! Even more of a reason, Fuld is done and dusted. Next stop The Big House.
Posted by guest , Nov 05, 2008 3:14PM
14- you're one of the sore laid off losers from LEH. I am sure when you're getting paid that big bonus for 2007 you never stopped to think "wait, do I deserve this money?" You were part of the problem albeit a little cockroach sized one.
The guy is a failure but not a criminal - as far as we know.
MS and GS would have gone out of business too if government did not step in.
Now go pick up your unemployment check you fucking tool.
Posted by guest , Nov 05, 2008 3:24PM
24, you ignorant slut - not a sore laid off loser from LEH. Never worked for them. Let's just say that I am very close to the collateral damage and leave it at that. I see it from a different perspective and not that of a scorned ex-employee.
Am still gainfully employed, thank you.
And as a side note, believe that GS will never go out of business due to certain bald friends in very high places.
So fuck you, tool
Posted by guest , Nov 05, 2008 3:28PM
Whitey: you're goin down - or at least up on the stick,
Obama and the New Power Generation of Justice
Posted by guest , Nov 05, 2008 4:49PM
Hey, all you ignoramuses in here, get back under your rocks!
Posted by guest , Nov 05, 2008 5:06PM
@25 - so you're a scorned vendor to Lehman. I am sure you never stopped to think "wait a minute, are things too buoyant here?" when they were giving you shit load of business. And now you bitch and moan.
Read what i wrote: MS and GS would have gone out of business too if government did not step in.
The bald friend of GS is part of the government.
You cater sandwiches to lame-en? you're quite dumb.
Posted by guest , Nov 05, 2008 9:37PM
No no, 25 is footh thelibaary.. he is missing his delivery tips....
Posted by guest , Nov 05, 2008 9:40PM
hold your horses here...
EP, pls read the full article next time.
The article says that Fuld is staying on as Chairman. And I say that he will continue to receive a salary, benefits, and, potentially, bonuses on Lehman's expense.