Word: fuld
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Lowenstein has a pitch-perfect sense of the Street's monumental recklessness. The chorus line of overpaid bad actors in this book is endless. Held out for particular scorn is Lehman CEO Richard Fuld, who has "the daring of a gambler who believes, deep down, that he will always be able to play the last card." Maybe he did, yet as the book impressively shows, Fuld lost...
...sense, since Lehman was a major force behind the subprime-mortgage bonds that were the culprits in the collapse. Gasparino is particularly good at capturing--via the profane, telling quote--the high-noon drama of the meltdown. When Morgan Stanley CEO John Mack tells Lehman boss Dick Fuld, "There are rumors that you guys are in trouble," Fuld, the "Gorilla of Wall Street," answers with tough-guy bravado, "It's bullshit." Lehman's stock price was soon in free fall...
After the firm imploded, friends of Fuld's worried not only about the spread of the financial disaster worldwide but also about his safety, as enraged employees, who had invested their life savings in now worthless company stock, cleared out. Though Wall Street, with government intervention, survived, Gasparino has plenty of finger-pointing to offer. He argues, for instance, that the SEC should be disbanded because of "the false sense of security it provides." Then again, after reading this book, you're not likely to be that susceptible anymore...
...forget, too, that a fair number of Wall Streeters got wiped out because their wealth was tied to their firm's stock price. Dick Fuld, the former CEO of Lehman, had shares and options worth about $1 billion at their peak. He got less than $1 million when he sold them after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly...
...After clerking for New York State Court of Appeals Judge Stanley Fuld, Feinberg became an assistant attorney for the New York department of justice - where he worked alongside former New York City mayor Rudy Giuliani and former U.S. Attorney General Michael Mukasey - before joining Massachusetts Senator Ted Kennedy's office as an assistant. He became Kennedy's chief of staff in the late 1970s...