$$$ Fuld Resigns As Lehman’s Chairman [NYT]
$$$ “The U.S. is set to invest more than $7 billion into GMAC, part of a package that could total $14 billion and make the government majority owner.” [WSJ]
$$$ Fed faith grows from April’s wary optimism [FT]
$$$ I-banks, law firms hiring for structured finance [The Deal]
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NH BLG_DEALBREAKER <GO>
to access Dealbreaker
What great news for people whose lives exactly mirror economic data reported by the government.
Fired a cunt from UBS today. The whole firm celebrated.
my heart breaks for mr. fuld.
I hear there’s a shortage of Gimps from Delaware. I lead the herd, though.
The Other Gimp From Delaware
I know I’ll probably catch hell from this, but I actually feel bad for Fuld. Of all the CEOs I can think off the top of my head, Dick seemed to really enjoy and love running LEH. His heart seemed to be in the right place, while his mind was wrong in equating the firm worth many times more the bidding price offered in late summer.
Maybe I’m buying into all the counsel work placed into Fuld’s lap before his grilling by Waxman, but I truly think his compensation had little to no effect on his blind faith regarding Lehman.
-Sad Fan of Fuld
That first item, now that’s a dick fuld…
Totally agree with Lowly Assistant. Fuld’s commitment to the organization was never in question.
Chris is the new American Idol. Suck it Adam.
@5,7
Yeah but he didn’t have the charisma of someone like Ace Greenberg or Jamie. He was too ‘stuffy old I-banker’. Still, sad to see you go.
re Fuld
Hold the tears girls. Fuld was a megalomaniac jackass who had no idea how his own balance sheet worked, and how the market was pricing it. He never understood the gearing size vs asset quality equation, and was a assclown when it came to managing liquidity.
Gee, he was gruff and managed a pile of monkeys, big deal.
this is the kind of stuff that seperates the Dimons and Blankfiens from the bull-markets geniuses like Fuld and Cayne.
@9- really? you didn’t get that the tears comment was sarcasm?
-@10
Lame.
-@10
Lame.
fuck S&P, decide one way or the other
The thing I dont get about Fuld is that after BSC collapsed he KNEW he had to get capital, reduce the balance sheet amongst many other things. He had a FULL 6 months and did no where ever close to what he had to do; he was more concerned about getting Einhorn off this back than doing what was needed to save the company.
I think we should celebrate Dick Fuld. Isn’t his life what we are shooting for in general?
He is set for life and I don’t feel sorry for him a bit, I envy his success too much for that. There isn’t a report card for this sort of thing. He is nasty rich and will be for the rest of his days.
Well done, well done.
@15, believe me they are not done with him yet. They are going to come after his money one way or another
#8 – Perhaps I’m misreading your comment, but the last thing Dick was was a “stuffy old I-banker.” He prided himself on being a hardass, tough guy. The comment by his direct reports was that he thought of himself as Al Pacino in the Godfather. Greed, unfortunately, became the problem for him and others at the top of Lehman and their desire to be equated with MS and GS rather than BSC. Risk management fell by the wayside and all sense of proportion was lost. Having your head of risk management at the end being a guy from the finance department who had never sat on the trading floor was the ultimate in neglect. But when you have a group of non-threatening yesmen as your management group, never daring out of fear to challenge the removed ceo and president, disaster can happen. Dick loved the firm, but he was the one who ultimately bears the responsiblity of its for its failure.
@8 and 17:
He hated investment bankers, by the way. He came up in Lehman from trading (protege of Glucksman).