Former Lehman Brothers CEO Richard Fuld is due to testify in front of the increasingly fractious Financial Crisis Inquiry Commission today. As you might imagine, the Gorilla is beyond not over everything that went down in 2008, and in his opening remarks he makes clear that he doesn't have much more to say than he did the last time they invited him to town, when he claimed to be an innocent victim who was used and abused by greedy rumormongers and shortsighted, inept regulators:
Lehman’s demise was caused by uncontrollable market forces and the incorrect perception and accompanying rumors that Lehman did not have sufficient capital to support its investments. All of this resulted in a loss of confidence, which then undermined the firm’s strength and soundness.
Yep. That's what happened. Nothing to do with the horrifying stuff on Lehman's books, naturally.
Dick Fuld Testimony: No Apologies Here [Deal Journal/WSJ]