Richard Fuld, the chief executive of bankrupt Lehman Brothers Holdings, testified before a congressional panel yesterday. Though he was the man in charge, this fiasco wasn't his fault. It was the short-sellers. It was the government. It was an extraordinary run on the bank. All his decisions were prudent and appropriate, he said.
And to top it all off, he lost a lot of money, too. Why, he was once worth close to $1 billion. And now, the poor fellow has had to sell off part of his art collection, and he's worth a paltry $100 million. Makes me feel so much better about my tax dollars bailing him out!
"Lawmakers grill Lehman's chief." The Dallas Morning News; October 7, 2008; p. 1D.
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