Dick Fuld Won't Accept What The Rest Of Us Already Know: He And Other Lehman Execs Were Criminal Bastards Who Routinely Lied About Debt, Leverage & Asset Valuations
Video and complete background on this story is at the bottom of the post.
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Very funny reaction from Yves Smith at Naked Capitalism:
The English language needs a new word to describe the nature and degree of disconnectedness from reality represented by Dick Fuld. He occupies a weird funhouse realm in which he did no wrong, those mean people in DC and the evil shorts brought down a viable enterprise. Remember, this is the man who certified financial statements goosed up to the tune of $50 billion via Repo 105, a ruse that ought to have been an accounting fraud but wasn’t, says he never heard of it, yet considers himself sufficiently well informed about what was happening at his former firm to be a qualified judge of whether it could have survived.
“Denial” and “pathological” are near cliches and therefore far too weak to describe the fantastically distorted lens through which Dick Fuld views the world. He seems to believe if he can get enough people to repeat his delusions, that will make them true. Bloomberg apparently had an advance version of his written submission to the Financial Crisis Inquiry Commission (sadly, I don’t see it yet at the FCIC website), and it appears to be a doozy.
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From Bloomberg:
Richard Fuld, former chief executive officer of Lehman Brothers Holdings Inc., said regulators relied on “flawed information” in denying his company aid that was extended to competitors.
“Other firms were hurt by their plummeting stock prices,” Fuld, 64, said in prepared remarks submitted to the Financial Crisis Inquiry Commission for a hearing in Washington today. “Lehman was the only firm that was mandated by government regulators to file for bankruptcy. The government was then forced to intervene to protect those other firms and the entire financial system.”
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From Reuters:
(Reuters) - U.S. regulators did not grant Lehman Brothers the same assistance as its competitors, knocking out the possibility of an orderly unwind of the firm and aggravating the global crisis, former Lehman Chief Executive Dick Fuld said on Wednesday.
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Now from the goriila himself, Richard Fuld:
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More detail on this can be found here:
I've written and reported extensively on Lehman's fraud:
LEHMAN FRAUD: Attention Prosecutors: Watch This Video About Lehman, Geithner, Fuld & The NY Fed
Lies, More Lies & Richard Fuld: Lehman's Fraudulent Dick
Lehman's False Accounting Was Known By SEC and NY Fed Regulators -- Yet They Did Nothing
The Origins of Lehman’s ‘Repo 105’
The New York Fed, Lehman And A CLO Called Freedom
And they weren't alone. Citigroup and Bank of America did something similar:
BUSTED: Bank Of America Admits To SEC That It Repeatedly Lied About Debt And Leverage Levels
Dylan Ratigan On The Lying Scoundrels At Bank Of America (That Means You Ken Lewis)
Sep 1, 2010 at 3:23 PM
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