Lehman Brothers' Dick Fuld admits bank made mistakes before collapse

[babsbunny]

Lehman Brothers' Dick Fuld admits bank made mistakes before collapse

* Andrew Clark in New York
* The Guardian, Wednesday 21 April 2010

http://www.guardian.co.uk/business/2010/apr/21/lehman-brothers-dick-fuld-admits-mistakes

The former Lehman Brothers boss Dick Fuld has edged close to an apology over the collapse of the 185-year-old Wall Street bank, owning up to "bad judgments" in its property investments, economic foresight, and in understanding the contagious nature of global finance.

Questioned in Congress yesterday, Fuld impatiently denied being a "gambler" – and drew derisive gasps by claiming Lehman had been "risk averse". But he accepted that mistakes contributed to its spectacular bankruptcy in September 2008: "I would say bad judgments were made regarding the markets, yes."

[yourout]

1. In other words......"We waited to long to dump the worthless investments on someone else"

[Vinnie From Indy]

2. FUCK Dick Fuld !!!

I can assure all readers that Mr. Fuld's retirement was not wiped out with the demise of Lehman Bros. I will bet that he still has his three or four houses spread across the globe, his yacht, his place in the Hamptons and his country club memberships intact. Fuck him!