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Dick Fuld Felt (choose one: physical, emotional, overly-dramatic, fabricated) Pain When He Had To Fire Joe Gregory

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Now, this is interesting. I would've gone with the spleen, because it's more disgusting, and you'd have to reach further down the throat to get to it. I'm wondering what the thinking was here, to make it the heart. Luckily, the writing team behind the lines, who also contributed to the sketch comedy troupe, "CEOs Who Take Themselves So Seriously That They 'Cause Those Around Them To Piss Their Pants In Laughter," will be weighing in later this afternoon.

A famous story, perhaps apocryphal, that had wide currency at Lehman was that, in the midst of the Long-Term crisis, Fuld encountered John Thain, then Goldman's CFO. Goldman was thought to be a motor of the rumor mill.
"How's it going?" asked Thain innocuously.
"Not so well," Fuld said. "People are spreading nasty rumors."
"I can't imagine that," Thain was supposed to have said.
Fuld paused. "When I find out who it is, I'm going to reach down his throat and tear out his heart," he told Thain and gave him one of his brutal stares.

Proposals were also made more palatable by virtue of the fact that Gregory was feeding Fuld fresh grapes at the time, while DF reclined of a chaise lounge.

This summer, though, the reliable us-against-them mentality seemed to create blind spots. There was a disconnect to the outside world, and the risk was substantial. "The environment had become so insular," said one former executive. Fuld okayed decisions, but Gregory packaged material so that the choice was obvious. And the executive committee offered no counterweight. "Dick used it to buttress his personality," says one cynic.

What's the logic here?

On June 9, the day of the disastrous earnings announcement, McGee forwarded Fuld an e-mail from a former Lehman executive who'd left for a hedge fund: "Senior managers have to be much less arrogant and internally admit that some major mistakes have been made," the e-mail read. "[They] can't continue to say, 'We are great and the market doesn't understand.' "

"Gregory: Dick, you see this, all this shit?
[Holds up the Lehman's cooked books, and drops them on his desk]
Gregory: It's not your fault.
Fuld: [Softly, still staring off] I know...
Gregory: No you don't. It's not your fault.
Fuld: I know.
Gregory: No. Listen to me son. It's not your fault.
Fuld: I know that.
Gregory : It's not your fault.
[Will is silent, eyes closed]
Gregory: It's not your fault.
Fuld: [Fuld's eyes open, misty already] Don't fuck with me Joe. Not you.
Gregory: It's not your fault.
[Fuld shoves Gregory back, and then, hands trembling, buries his face in his hands. Fuld begins sobbing. Gregory puts his hands on Fuld's shoulders, and Fuld grabs him and holds him close, crying]
Fuld: Oh my God! I'm so sorry! I'm so sorry Joe!
[Fuld continues sobbing in Gregory's arms]"

After the meeting with the bankers, Gregory walked into Fuld's office, a modern CEO's suite with library, shower, and breathtaking views of the Hudson. "It's not your fault," Fuld told his ally and friend of 30 years. "This is a market condition. Everyone is going through this."
"It's the right thing." Gregory said, according to people briefed on the conversation. "Everyone wants a head."
"This is very, very painful," Fuld told Gregory. "I don't want to do it."

In all seriousness, this would make a great some-e-card, and could be cross referenced in Apology and Workplace. Maybe even Flirting.

Later that day, Gregory went to Callan, "We're going to go."
Gregory sat her down. She'd already realized that she could no longer sell the Lehman story. "I'm sorry for ruining your career," Gregory told her.

Wait, why? Was there something bad in there?

On June 12, having pushed out Gregory, Fuld named a new president, Herbert "Bart" McDade, the investment bankers' choice. ("If Bart wasn't made president, a lot of people were going to leave," said one investment banker.)
If Gregory was Mr. Instinct, McDade was all about analysis. Go to him for a decision, and he wanted endless details and then insisted on thinking about it. McDade brought in a battalion of other analysts, and they didn't like what they saw. Once McDade's team got a look at the books, they were shocked.

Earlier: Dick Fuld Encouraged Employees To Adopt The Kevin "This is my house, I have to defend it" McCallister Mentality.


Dick Fuld Attends Hockey Game Without Getting Into Physical Altercation

One tale many love to tell about Richard S. Fuld, besides the one involving him destroying an 158 year-old institution, is that of the time he got into a fistfight at his son's hockey game, with a parent from the opposing team. Though there have been many stories over the years of adults who lack impulse control throwing down at their children's sporting events, perhaps people were fascinated by the fact that the the CEO of a public company was unable to reason that punching someone in the face at a Peewee hockey game = bad, keeping your hands to yourself = good.  On that note, one sports fan reports that Fuld has since matured, and realizing his own limitations, now travels with protection (for himself/spectators in his section). "Was at the Rangers/Devils game last night sitting a few rows behind Dick Fuld and his wife. He was with two goons who were clearly his body guards, one sitting next to him in a tan jacket and the other one standing behind him in black. Fuld was wearing a suit...I guess to try and look like he actually has a job he was coming from befoe the game."