Dick Fuld, Lehman Brothers' Last CEO, Just Got a Little Poorer
By Joshua Green
One of the reigning myths about the financial crisis of five years ago is that the class of Wall Street titans dubbed “The Masters of Universe” by Tom Wolfe got off scot-free, while the rest of us were left to suffer. In the broadest sense, that is basically true. But in a more specific sense, it isn’t. One Master of the Universe who fell faster and further than just about anybody else was Dick Fuld, the chief executive of Lehman Brothers. I wrote about Fuld’s fall and his afterlife for Bloomberg Businessweek’s special issue on the five-year anniversary of the financial collapse.
The “too long, didn’t read” version? Fuld is all but ruined, professionally ostracized, and in real financial peril because the $250 million insurance policy that Lehman Brothers took out to cover its senior management in legal jeopardy has been exhausted—yet a number of the dozens of legal actions brought against those managers are still outstanding. Guess who is now footing the legal bills and the settlement payouts: the (former) Masters of Universe themselves.
Keep reading Dick Fuld, Lehman Brothers' Last CEO, Just Got a Little Poorer – Businessweek.
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