Fallen ex-Lehman CEO Dick Fuld hits comeback trail
Wall Streetās gorilla wants back in the jungle.
Richard āDickā Fuld, the notoriously competitive CEO who led Lehman Brothers to its demšise seven years ago, will test how forgiving Wall Street can be on Thursday whź§en heās expected to discuss for the first time the bankruptcy that was the tipping point of the financial crisis.
Indeed, Fuld, 69, is one of the chief culprits of the 2008 crisis. He and Countrywide Financial CEO Angelo Mozilo built up their respective companiesā positions inā the subprime mortgages that eventually went bust ā taź§king the economy with them.
And while Thursdayās speech wonāt be his firstšÆ public appearance ā he has a consulting company and spoke at a college earlier this year ā itās telling that heās chosen a conference on penny stocks to tell his side of the story.
āIn Dickš · Fuldās case, I think it was, to a degree, an unfair outcome,ā Joseph Grano, the former chairman and CEO of UBS Financial Services, told The Post. āI can tell you that among the people who know him, heās not toxic at all.ā
During the weeks leading up to Lehmanās Sept. 15, 2008, bankruptcy filing, Ben Bernanke, then chairman of the Fed, Henry Paulson, the Treasury secretary, and Timothy Geithner, head of the New York Fed, had tried to get Barclays and Bank of America to buy tź©µhe ailing Lehman, but eventually letš§ the firm collapse without a bailout.
Fuldās defenders say the bank wasnāt bankź©µrupt and simply faced a short-teš„rm cash crisis ā a distinction that didnāt make a difference for the largest bankruptcy ever in the US for the $600 billion institution.
But if Fuld finds his way back inš®to finaź¦nce, heāll discover that todayās Wall Street is in many ways a reaction against the Lehman collapse.
Still, if Fuld can make it back into the publicās good graces atšø all, it will be a long climb, Grano said.
āHeās a little bit of a poster child,ā Grano addešd. āAnd do I think itās a bit unfair? Yes.āā