Lehman Loses $2.8B; CEO Faces the Music

(USER SUBMITTED) - In a remarkable case of the pot calling the kettle black, Lehman Brothers' former CEO Richard Fuld pointed a finger at the US Federal reserve today, saying it worsened the financial crisis in September 2008. Testifying at a hearing, Fuld blamed the Fed for letting the investment bank fail. He said, “Only Lehman was denied that expanded access” that would have allowed for a more orderly wind-down of its business. Fuld continues to deny that the bank took too much risk and hid its true financial condition through off-balance-sheet financing. More»

Only some of them actually made money for shareholders

(NEWSER) - Maybe those giant executive pay packages weren’t such great ideas after all. Of the eleven highest paid executives of the last decade, five presided over companies that lost their shareholders money, the Wall Street Journal reveals today, breaking down the numbers to reveal who the decade was most generous to. Among them? Richard Fuld (No. 11, $457 million), who presided over the downfall of Lehman Brothers. More»

Execs may land in court for disguising bad investments

(NEWSER) - Lehman Brothers tried to buy itself time by manipulating accounting gimmicks to disguise its bad investments, according to a court-ordered report on the firm's demise. The exhaustive, 2,200 page report found that execs, including former CEO Richard Fuld, could be held legally liable for the "materially misleading" attempt to disguise the state of its finances ahead of its collapse in 2008, the Guardian reports. More»

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

(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.'" More»

Fuld not the only one hiding assets

(NEWSER) - Dick Fuld’s wife isn’t the only one getting a discount mansion. Chrysler CEO Robert Nardelli and ex-Merrill Lynch honcho Stanley O’Neal have followed Fuld’s lead, handing their multimillion-dollar homes to their spouses, according to property records obtained by the New York Post. Such deed transfers are often used to protect the house from legal action. More»