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’Dick Fuld and E&Y fail to dismiss Repo 105 case [updated]
It’s been a day of important Lehman Brothers legal verdicts.
On Wednesday morning in New York, the US District Court in Manhattan rejected a move by former Lehman Brothers executives and auditors to dismiss litigation brought by investors who allege they were misled by the bank’s Repo 105 practices.
FCIC audio and a forgetful Fuld
The Federal Crisis Inquiry Commission has released the audio interviews to go along with its 662-page potboiler. We’re talking hours and hours of stuff to listen to here.
And there are some big names — Goldman’s Lloyd Blankfein,
Creative comp – Fuld claimed to have earned $200m more than he stated
You’ll have to bear with us a little here. Bloomberg are running a story that says Lehman’s brooding chief executive, Dick Fuld, was paid 70 per cent more than he claimed during the period 2000 to 2007 – $529.4m rather than the “less than $310m”
Schapiro defends regulators. Again.
Mary Schapiro must be getting a bit bored of having to mount lengthy defences of the regulatory bodies she has headed.
Under her tenure, for instance, FINRA failed entirely to investigate numerous tips that Allen Stanford and Bernard Madoff might not have been on their best behaviour.
‘$50bn is a drop in the ocean’
Quick! Someone tell Steve Jobs that former Lehman executives appear to have made off with his infamous reality distortion field, if their recent statements are anything to go by.
Consider the following assorted media reports (emphasis/links ours throughout).
Dick Fuld? Not a bad guy (and other contrarian takes on LEH)
While it was inevitable, FT Alphaville is nonetheless impressed at the speed with which the contrarian camp has come out in defence of Lehman Brothers, post Valukas.
First up, Chazzer “Crazy Like a Fox Business Anchor”
[The Lehman Anniversary] Quotes du crise
FT Alphaville presents a selection of visionary — and not so visionary — quotes from the Lehman crisis.
To start, Dick Fuld, CEO of Lehman, on October 6, 2008:
I’m not sure I would say it was a house of cards .
[The Lehman Anniversary] One year on: the media commemorate the fall
September 15 2009 will mark the one-year anniversary of Lehman Brothers’ momentous collapse.
The mainstream media are churning out retrospectives, interactive features and video specials in commemoration of the event.
[The Lehman Anniversary] The BBC’s Lehman Towers
Did the BBC mean for their dramatisation of the last days of Lehman Brothers to be utterly, cringeworthingly hilarious?
If they didn’t, they certainly did a good job making it look like they did.
In short:
Lehman Brothers: the (BBC) movie
Just in time for the one-year anniversary of the fall of Lehman Brothers, the BBC announced on Wednesday it was producing a drama “inspired by” the investment bank’s collapse.
“The Last Days of Lehman Brothers”
Fuld resigns
Filed late yesterday:
RICHARD S. FULD, JR.
May 14,2009
Mr. Bryan Marsal
Alvarez & Marsal
Co-Chief Executive Officer
1271 Sixth Avenue
35th Floor
New York, NY 10020
Dear Bryan:
As you know,
Chateau Dick — for sale
$32m buys you the Dick Fuld residence. Servants not included.
Nor alas, the hideous decor below (which, much to our disappointment, is pre-Fuld residency anyway).Via Curbed.
Dick Fuld, worst chief executive ever. Ever.
So declares the latest issue of Condé Nast’s Portfolio magazine, which features a list of “leaders who helped drive their companies into the ground”.
The list is compiled in consultation with a panel of “experts”
Defending Dick Fuld
Dealbook notes that Dick Fuld has a friend. It’s Harvey Miller of US law firm Weil, Gotshall & Manges, who defends the former Lehman CEO in the filing below – a motion in opposition to the NY State comptroller’s appointment of a bankruptcy examiner (Anton Valukas).
Fuld ‘sold’ mansion to wife for $100
The controversial former chief executive of Lehman Brothers transferred ownership of a $14m Florida mansion to his wife for $100 in a possible attempt to move assets beyond the reach of infuriated investors of the collapsed bank,
Boo! Finance!
Want something scarier than your average costume this Halloween? Then how about an “evil” Hank Paulson or Ben Bernanke mask? (Suitcases of money not included).
An enterprising California-based entrepreneur is selling these $80 limited editions:
In defence of hedge funds
…kill the bad HFnds + heavily regulate the rest.
That’s Dick Fuld, recounting the position of the US Treasury towards hedge funds. The phrase comes from an email between Fuld and Lehman’s general counsel,
The annotated Gorrilla
Fuld. From the maker of The Annotated Bear.
“The tide has come and gone and Lehman had no shorts”
“Nice trade, Dick”
“Go Free Market! Yeah!”
Lehman – one question…
Idiot question, probably…but here goes:
How did the assets in the “bad” Lehman bank – aka SpinCo – go from $30bn when Dick Fuld was trying to reassure everyone in the the middle of last week to $80bn on Sunday?
Lehman: Thou shalt deny me thrice before the Cox crows
CNBC’s Charlie Gasparino broke news yesterday of the latest capital raising attempt for Lehman brothers: a warrant offering a 25 per cent stake in Lehman and a 70 per cent stake in its investment management business,
Lehman chief takes blame for loss
Dick Fuld, Lehman Brothers’ chief executive, took personal responsibility on Monday for the investment bank’s embarrassing $2.8bn Q2 loss, the first in its 14-year history as a public company, and said he remained confident in its future as an independent entity.
Goldman chief’s pay to hit $70m
Goldman Sachs on Wednesday began celebrating confirmation of bumper bonuses for this year, with the chairman and chief executive, Lloyd Blankfein, expected to lead the pack with a 30% increase in his pay to about $70m.
Lehman chief gets $40.5m payout
Lehman Brothers on Monday said it paid Dick Fuld, chief executive, $40.5m in cash and stock in 2006, a year in which Lehman, along with most other investment banks, posted record results. Mr Fuld’s compensation is slightly less than the amounts paid to leaders at Morgan Stanley and Merrill Lynch and well short of the $54m Goldman Sachs paid Lloyd Blankfein,