Dick Fuld Is Feeling Some Serious Heat Right About Now

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What is that? Is something burning? I don't see anything...
Photo: Everett Bogue; Getty Images

Shares in Lehman Brothers plunged 44 percent today after talks with the Korea Development Bank, which had reportedly been considering purchasing a 25 percent stake for around $4 billion, came to an unsatisfying close. What will they have to sell to stay afloat? "Neuberger, its hedge funds, its high net worth brokerage arm, its merchant banking portfolio, Dick Fuld's office furniture?" Brad Hintz of Sanford C. Bernstein and former Lehman chief financial officer quipped to Forbes. Trouble is, Fuld is refusing to sell anything at a discount. "The company does not believe that it has a serious balance sheet problem, and it simply refuses to take what it believes are fire sale prices for its key assets," says Richard Bove, an analyst at Ladenburg Thalmann. Lehman has thus far not commented. [NYT, Forbes]