We didn't watch Lehman Brothers' Richard Fuld testifying to the House Financial Services Committee, but after reading Michael Corkery's live blog at DealJournal, we almost wish we had. For a hearing about an obscure accounting tactic, this thing had it all! Ferocious attacks from grandstanding congressmen! Tears, from Matthew Lee, a former senior vice-president at the firm. And stony, amazing defiance from the man of the hour, Richard Fuld.
We particularly enjoyed this exchange:
Fuld declares: "We were risk adverse."
Rep. Charlie Wilson whispers: "How can you say that."
Fuld: "I know I walked right into that."
Fuld: Our commercial real estate investments were conservative, but they were victims of "terrible timing."
That makes sense.
Live Blogging Dick Fuld’s Lehman Testimony [Deal Journal/WSJ]