We noted recently that Richard Fuld (Richard Fuld news), one-time CEO of the doomed Lehman Brothers, was given sympathetic treatment by the Financial Crisis Inquiry Commission--a rare instance for a man vilified as the poster child of the financial crunch.

Breakingviews weighs in with an article that doesn't quite continue the gush of sympathy but does manage to concede Fuld may be right on some issues.

A back-handed compliment to be sure: "Dick Fuld is still hung over from his home-brewed Kool-aid. The former Lehman Brothers boss hasn't stopped blaming his investment bank's demise on 'uncontrollable' market forces, false rumors and the lack of a government rescue," writes Breakingviews. "That neglects his own hubris and failure to buttress the firm. But he makes at least one fair point: U.S. regulators were damagingly inconsistent."

It's true that regulators didn't exactly come out of the recent hearings smelling like roses. But you don't get the sense that history will be all that kind to Fuld either.

In any case, the FCIC's work is almost done. The main drama left regarding Lehman Brothers is whether any former executives will be charged and how the bankruptcy case will proceed.

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