FierceFinanceFierceFinanceITFierceSarbox   FierceCIO
About | Sample | Privacy

For Fuld, the beating continues; employee sucker punches him in gym

Tools
Tags
sucker punch
Richard Fuld
Mismanagement
Lehman Brothers
Compensation Committee
collapse
Bankruptcy Protection

Richard Fuld, CEO of Lehman Brothers, has taken some shots as of late. In one instance, it was literal; he was working out in the corporate gym, on the treadmill with a heart monitor on, when someone punched him, knocking him out. He took another beating before Congress, which took him to task for incompetence and mismanagement on a colossal scale. The New York Times notes that during the hearing, an e-mail was produced showing that four days before the bank filed for bankruptcy protection, Lehman's compensation committee was asked to grant $20 million in "special payments" for three executives. Fuld maintained that he did not mislead investors and that he lost millions on the shares that he owned. No one is crying for him. Many experts said he did not do enough to avert the collapse. So what do you think: Did he deserve either beating?

For more:
- here's the article
- here's a New York Times recap of the hearings

Related Articles:
The Death of Lehman Brothers
More on the man in the middle: Richard Fuld
The future of Richard Fuld

Comments

Absolutely he deserved it (the Congressional one anyway... but I can certainly understand the physical one.) He deserves more. They all do. Executives of the major Wall Street firms have made billions in compensation, while leading their firms, and their investors, straight into banruptcy! And these guys are supposedly financial EXPERTS? I don't think so. Many of them are probably criminals who should be locked up for the rest of their lives for the massive fraud they have perpetrated.

PLEASE, who was that 'masked man'? The country needs a new hero!
(Who is the guy that punched Fuld?)
Please???

Yeah...Real hero...sucker punching a 60 year old from behind...If Congress needs to begin asking questions...Ask all of the culprits including the political appointees at Freddie Mac and Fannie Mae...and the charlatans who promised the moon with no money down scams...In reality, we need guys like Dick Fuld to get us out of this mess, you do not toss the best and brightest to the curb, you give them a new task...Get out there and fix it!

I spent over ten years at Lehman. Richard Fuld managed to stay on top of three downfalls and still crawl back as CEO. American Express had to bail him out in 1982-3. Then in the early 90's a new management crisis and Chris Petit restructures and goes public. Petit is put aside and Fuld comes back.Then he pays the largest bonuses to himself and his tribe literally days before he knew he had to scuttle the company???
In that universe it was always for the bonuses!!!

More evidence that the press never investigates anything they run... Just a bunch of prostitutes being pimped by the editor...

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

What is 41 + 38?
To combat spam, please solve the math question above.