Dick Fuld Plotting His Comeback?

Just as CNBC gets ready to premier The Last Days of Lehman Brothers, we learn from Roddy Boyd that the still-delusional Dick Fuld appears, at least on the surface, to be plotting a comeback. The disgraced Gorilla has, since May 6, has kept his Finra license at a tiny brokerage firm called Legend Securities. Never heard of Legend? Neither has most of Wall Street.
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Just as CNBC gets ready to premier The Last Days of Lehman Brothers, we learn from Roddy Boyd that the still-delusional Dick Fuld appears, at least on the surface, to be plotting a comeback. The disgraced Gorilla has, since May 6, has kept his Finra license at a tiny brokerage firm called Legend Securities.

Never heard of Legend? Neither has most of Wall Street.

Despite a website that advertises a full-roster of “Institutional Services,” calls to Legend’s sell-side competition resulted in a fair amount of head-scratching. Spokesmen at three large, global investment bank’s who asked not to be identified given their firm’s long-standing policy of prohibiting comments on competitors, said their equity, option and corporate-bond trading desks had no electronic record of buying or selling securities where Legend was the counter-party. Two of these firms said their computer systems had no record of Legend at all.

Calls to a few hedge funds that are regularly active in the equity, equity-linked and corporate-credit sectors drew blanks; no one had heard of the firm.

Legend, which also goes by the name StockTrade and has offices next to a TGI Friday’s in lower Manhattan, seems to have a roster of characters with dubious backgrounds. Many have been involved with bucket shops and penny stock pushers. Boyd put together a spreadsheet of current and former Legend employees and it doesn’t look pretty. As far as Dick’s involvement with the firm, it’s not entirely clear. He may just be using Legend as a place to keep his Finra license active.

Rather, Legend seems to have taken the easy road. It has grown from the legions of small client-trading shops and penny-stock brokerages that cluster around in lower Manhattan, New Jersey and Florida. These firms offer big commissions for their brokers to trade in low-priced stocks that their internal trading desks frequently control. Many of the brokers almost certainly knew each other from brokerages that were in varying degrees utter disasters.

Dick Fuld pays a lot of lawyers a lot of money to keep him economically and socially viable in spite of his many, many mistakes. If he was unwilling to do the necessary work himself to look into what he was becoming voluntarily affiliated with — even if in name only— then they should have done that for him.

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Sleep where the former Lehman Brother CEO hath slept, while he was keeping a low profile post-bank collapse/plotting his comeback.

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."

Dick Fuld: "The Bros Always Wins"

As previously mentioned, if one were inclined to relive the fall of Lehman Brothers, one could do so via the bankruptcy documents that were recently made available online. There you'll find, among other things, countless examples of what has been said so many times since September 15, 2008, which is that it's amazing how delusional the people at the very top were, vis-à-vis the firm's solvency/what people thought of it/everything. Also worth marveling at? The fact that Lehman lasted as long as it did with what appear to be barely literate troglodytes running the place. [The following dialogue is re: CITIC considering an investment in a US bank and the suggestion that it is more interested in Bear Stearns.]