FCIC treats Richard Fuld sympathetically

Richard Fuld (Richard Fuld news) is seen by many as the poster child of Wall Street excesses, a symbol of everything that went wrong. The criticism has been intense, and he continues to rank as the big bank executive most likely to be personally charged for some kind of fraud.

It remains unclear, however, if prosecutors will ever file charges. While the world waits, Fuld got a taste of a rare treat this week: sympathy.

The Financial Crisis Inquiry Commission seemed moved by his oft-articulated plea that regulators handled Lehman Brothers (Lehman Brothers news) unfairly, reports the New York Times. Lehman alone was allowed to die, he maintains, while other banks and AIG were bailed out.

Top lawyers for the Fed disagreed, but the commission itself seemed to side with Fuld.

The issues are complex, and Fuld's case is not airtight. But it is odd that Lehman alone, among large banks, was denied access to a Fed emergency lending facility, though some maintain that such loans would never have been repaid. The debate will rage for some time. 

For more:
- here's a New York Times article

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