Word: fuld
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Dates: during 2000-2009
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...with someone else's money. If you win, you get a huge bonus, based on the profits. If you lose, you lose someone else's money rather than your own, and you move on to the next job. If you're especially smart - like Lehman chief executive Dick Fuld - you take a lot of money off the table. During his tenure as CEO, Fuld made $490 million (before taxes) cashing in stock options and stock he received as compensation. A lot of employees, whose wealth was tied to the company's stock, were financially eviscerated when Lehman bombed. But Fuld...
...Fuld is done with the grueling job of trying to stave off financial crisis. Not so for regulators, of course. It's difficult to imagine the pressure and stress. Key players such as Treasury Secretary Hank Paulson and New York Fed chief Tim Geithner have been working around the clock for weeks now, putting out fire after fire. Besides having to comprehend and solve the mind-bending financial woes of some of the world's biggest companies, they are also briefing and seeking counsel from CEOs of the surviving companies, never mind President George W. Bush and the two presidential...
...staffers took stock of their losses, a cottage industry sprouted around them. Geoffrey Raymond, a painter who creates portraits of Wall Street titans - former New York Stock Exchange chairman Dick Grasso, former New York Governor Eliot Spitzer, ex-Bear Stearns CEO James Cayne - unveiled The Annotated Fuld, a large canvas of the embattled Lehman Bros. leader. Raymond rendered Richard Fuld with yellow brushstrokes, his eyes sunken and gazing into the distance, and invited passers-by to adorn the portrait with personal messages. Lehman employees were offered green markers; non-affiliated onlookers got black ones. Some scrawled angry missives: "The banks...
...firm dismissed him as a half-informed dabbler. Then Lehman disclosed that it had lost $2.8 billion in the second quarter. It raised $6 billion by selling new shares, addressing Einhorn's concerns about overindebtedness. It removed its chief financial officer and chief operating officer. Chief executive Richard Fuld got on the company public-address system and declared, "Einhorn didn't lose us $2.8 billion. We lost...
...satire of Judge Fuld that had the entire room--40 clerks and Judge Fuld--in hysterical tears," says U.S. District Judge Jack Weinstein. "That marked him in my mind. Years later, when the Agent Orange case was in front of me and I needed somebody to try and settle it, I reached back in my mind to Ken because he was not only brilliant, but he had a particular sense of humor that would make people want to work with...