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Fuld: 'I Was Whipping Boy' for Lehman Failure

Lehman's last CEO steels himself for anniversary of firm's collapse

By Rob Quinn, Newser Staff

Posted Sep 8, 2009 1:58 AM CDT

(Newser) – Former Lehman CEO Richard Fuld is ready to get dumped on again as the anniversary of the company's collapse nears, he told a Reuters reporter. Fuld was widely blamed for leading Lehman into the biggest bankruptcy in US history, although former execs are still bitter that rivals Bear Stearns, Merrill Lynch, Morgan Stanley and Goldman Sachs were either married off or bailed out. "They're looking for someone to dump on now, and that's me," Fuld said. "You know what they say? 'This too shall pass.'"

Fuld has been shunning the spotlight, although he now runs his own financial consulting firm and has been seen at power lunches with former colleagues in New York. Fuld—who has been named in dozens of legal actions since the firm's collapse—says he isn't planning to give his side of the story yet. "It sounds defensive and I don't want to be defensive," he said. "I'm not a defeatist. I do believe at the end of the day the good guys win."

[Images (3)]

[Quotes (1)]

Lehman Brothers Holdings Inc. Chief Executive Richard S. Fuld Jr., front center, is heckled by protesters as he leaves Capitol Hill in Washington nearly a year ago. (AP Photo/Susan Walsh, file)

Former Lehman Brothers Holdings Inc. Chief Executive Richard Fuld testifies before the House Oversight and Government Reform Committee on Capitol Hill last October. (AP Photo/Susan Walsh, file)

Lehman Brothers Holdings Inc. Chief Executive Richard Fuld testifies on Capitol Hill last year. (AP Photo/Susan Walsh)

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You know what? The anniversary's coming up. I've been pummeled, I've been dumped on, and it's all going to happen again. I can handle it. You know what, let them line up.
- Richard Fuld

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Fuld: 'I Was Whipping Boy' for Lehman Failure