http://www.wsj.com/articles/lehmans-fuld-says-it-wasnt-his-fault-1432854446
QuoteIn an appearance marking his return to the public eye, Richard Fuld Jr. insisted he doesn't want to play "woulda, coulda, shoulda" about the collapse of Lehman Brothers Holdings Inc.
But the former chief executive, speaking Thursday to a crowd of more than 1,500 people at the Grand Hyatt hotel in Midtown Manhattan, was unrepentant about his late firm's culture and its role in the financial crisis, largely placing the blame instead on misguided government and central-bank policy and irresponsible borrowers. At times jocular and reflective, the 69-year-old also flashed his combative side.
When asked why he didn't simply ride off into the sunset after Lehman's collapse, Mr. Fuld responded, "Why don't you just bite me?" . . .
Mr. Fuld on Thursday reiterated that he had "no regrets."
He outlined what he called the "perfect storm" of events that led to the financial crisis, saying "it all started with the government" and policies that subsidized cheap loans for people to buy homes in order to help them chase the American dream.
The ex-bank executive later added lax regulators, homeowners who used equity on their houses "as ATM accounts" and the explosive growth of hedge funds as other contributors to the economic meltdown . . .
On several occasions Thursday, Mr. Fuld nodded to his unpopular standing among many Americans. At one point, he noted that his 96-year-old mother still loved him and another time said it is "time for me to raise my ugly head"
I like bourbon :licklips:
None of the things he mentions relate to the dumb commercial property loans Lehman made, unless he's trying to advance the argument that it's the regulators' responsibility to prevent financial institutions from doing anything dumb. Man is detached from reality.
Quote from: derspiess on May 29, 2015, 09:30:59 AM
I like bourbon :licklips:
Thank you for your support.
Quote from: Admiral Yi on May 29, 2015, 09:43:33 AM
None of the things he mentions relate to the dumb commercial property loans Lehman made, unless he's trying to advance the argument that it's the regulators' responsibility to prevent financial institutions from doing anything dumb. Man is detached from reality.
The gub'mint made them do it.
They made it so easy to borrow, Lehman had no choice but to lend the money or be made fun of by the other kids in the class.
It does make one wonder what exactly he was being paid to do if the Government and the borrowers were the ones running his firm.