Richard Fuld started at Lehman Brothers in 1969 as an intern. He moved up quickly, and for the last 15 years he's been CEO. Now it's all unraveling before his eyes. He's survived other crises, but this one may be his undoing--and the bank's. Some hard questions will have to be asked by the board. For all Fuld's efforts, what exactly is he fighting to save? A Lazard-like investment bank with some branded asset management properties that are run by others? It may be time to acknowledge that his bid to transform Lehman into a Morgan Stanley-like bank has failed. At this point it may be better to fold what remains of Lehman into a larger company. If only one would take it. In any case, it's hard to see Fuld lasting at Lehman for much longer.

For more:
- here's a Fuld profile in the New York Times

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