A little over a month ago, The Wall Street Journal identified the Curse of Dick Fuld, after the bank bosses who picked assets off the carcass of Lehman Brothers resigned from their posts in unceremonious fashion.
First went Bob Diamond, who snapped up Lehman’s U.S. securities business for Barclays, and who stepped down at the beginning of July after his bank agreed to pay $450 million to settle an investigation into its efforts to manipulate interbank lending rates.
Next fell Nomura chief executive Kenichi Watanabe and chief operating officer Takumi Shibata—who led Nomura’s deal for Lehman’s European and Asian units—amid an insider trading scandal that roiled the Japanese firm.
This week, it seemed, Barclays and Nomura appeared to pare back their respective global ambitions in tandem.
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‘Curse of Dick Fuld’: Ken Watanabe, chief executive officer of Nomura Holdings and the driving force behind the bank’s purchase of Lehman Brothers European and Asian operations, resigned as the company indicated that insider-trading offenses committed within the company go beyond those identified by Japanese regulators. Mr. Watanabe leaves Nomura three weeks after Read More
June 2008: Hillary Clinton called quits on her presidential campaign, Michael Phelps was en route to Beijing. Bear Stearns had collapsed in March, and Lehman’s pre-announcement of $2.8B in second quarter losses shook the ratings companies out of slumber. Lehman CEO Dick Fuld sent treasurer Paolo Tonucci And to Fahey Lehman’s [Photo by Chip Somodevilla/Getty Read More
Two years ago, as the city cowered, wondering if there could be a future after Lehman Brothers, the daughter of the company’s old boss was “moving aggressively to sell her five bedroom co-op” at 79 East 79th Street, according to The Times.
Christine Packles and her husband Aaron, a managing director at Read More
Former Lehman Brothers top brass is lawyering up as the Securities and Exchange Commission strengthens its grasp of potential wrongdoing leading up to the investment bank’s implosion, The Wall Street Journal reports.
White-collar defender Lewis Liman is representing ex-CFO Ian Lowitt. Lowitt replaced Erin Callan in June of 2008. Callan, as well as Read More
In the latest variation on the theme that the September 2008 Lehman Brothers bankruptcy was in reality a calamity for civilization, and perhaps would have been better avoided, the Financial Crisis Inquiry Commission has published a series of emails revealing that officials faced heated debate and high uncertainty over what to do about Read More
Fun With Fuld
As recently as March, Steven Rattner, the former private equity kingpin and Obama administration car czar, was having an unpleasant time with Overhaul, his book on the emergency auto rescue. “Writing books is a bear. It’s just really hard work. And he hasn’t done it before,” Mark Green, who’d talked to him about the struggle, Read More
A couple weeks before the two-year anniversary of his former firm’s collapse, a testy Dick Fuld is testifying today before the Financial Crisis Inquiry Commission. From his prepared remarks, here’s a list of excuses he’s running by government officials.
• First of all, “the incorrect perception and accompanying rumors that Lehman did not have Read More
• While Wall Street executives fret about how financial reform may hamstring their operations, business is booming and jobs are abundant at the Securities and Exchange Commission. [Bloomberg]
• Wall Street, long known for its adoration of Barack Obama, has gotten over its presidential crush, thanks mainly to the commander in chief’s insistence on strict Read More
Fortune today gives us a rare look at Dick Fuld, the now-reclusive ex-CEO of catastrophic failure Lehman Brothers, whose historic blowup in 2008 nearly caused the utter collapse of of the world financial system. So what’s Fuld been up to?
Avoiding getting shot, for starters. The last time Fuld granted an interview, all Read More