Dick Fuld: Another Coward and Shirker
So, now we know Lehman was hiding $50 billion in leverage by using this 105-ey repo thingies to pretend assets had been sold, when actually, they'd be coming back onto the balance sheets in a few days after earnings.
What's former CEO Dick Fuld's commentary on this slimy accounting? "I knew Nuh-sink!"
This is why people hate CEOs. When things are going well, they sit in the big boy chair and pretend it's all owing to their great leadership, vision, and smarts. And when things go bad, they call the problems external, inevitable, and grasp for their moolah just the same. And when their companyies are found cooking the books to hide debt and mislead the public, they claim they had no knowledge of it.
Dick Fuld, you make a pretty hilarious victim these days. You deserved to lose more than a billion, buddy. In some countries, you'd be bargaining to keep your head on your shoulders.
And Barclay's, congratulations on scoring Ian Lowitt, the guy who spread a pile of lies to investors about all this when he claimed Lehman had reduced assets by $70 billion when in fact most of that was a temporary smokescreen. I'm sure Barclay's must feel great about having such a stand-up character as COO.
While you're at it, you should consider hiring Tiger Woods for the HR department. I hear he gives a heckuva sexual harassment seminar.