the gorilla

Richard Fuld: Lehman Brothers Was ‘Risk Averse’

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.”

That makes sense.

Live Blogging Dick Fuld’s Lehman Testimony [Deal Journal/WSJ]

Richard Fuld: Lehman Brothers Was ‘Risk Averse’