Dick Fuld Had His Arse Licked While Lehman Burned

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Fired up one last time. Photo: Getty Images

A British Lehman Brothers executive gave Management Today's current issue his two pence on the demise of the investment bank, and like many, he pins the blame squarely on Lehman's CEO, Richard Fuld. "Dick Fuld?" he wrote. "Dick Fuld was convinced that he’d got us through the Russian crisis and he was going to do it again. He was convinced he could trade his way out and spent the summer trying to fix it. He consistently overplayed his hand, always after a better deal. This was typical of his style: sitting there, all powerful in an executive suite surrounded by those who licked his a**e all day long. Fuld was a cult leader but no walker of the floors. He didn’t live in the real world." [Management Today via Clusterstock]