Post by account_disabled on Mar 8, 2024 22:43:48 GMT -5
As the disgraced former CEO of Lehman Brothers, he had just presided over the largest bankruptcy in American history. Fuld quickly became the most pathetic example of the reckless risk-taking that fueled the Wall Street crisis and the Great Recession. Since the financial crisis, Fuld had remained largely silent; until last week, when he decided it was “time to rear (its) ugly head off of him.” “Not a day goes by that I don't think about Lehman Brothers,” Fuld said at a conference in Manhattan. Fuld alluded to how unpopular he is, but downplayed how much that criticism affects him. “My motto is: that was then, this is now,” he said. And she added: “My mother still loves me. “She is 96 years old.” Fuld is something of a toxic asset on Wall Street, not unlike the ones Lehman bet on that caused the bank to collapse. The former executive has not been hired by any major company and has been the subject of countless lawsuits, including a shareholder claim for which he and other Lehman executives paid $90 million as part of a settlement in 2011. On Thursday, he received Modest applause from the crowd of mostly financial professionals.
The effort to return Fuld's comments marked his first public statements since he was questioned by Financial Crisis Inquiry Commission America Mobile Number List investigators in 2010. After years of silence, he is trying to make some kind of comeback. He took the opportunity to praise the work of Matrix Advisors, the consulting firm he founded in 2009. Fuld, who built and lost a $1 billion fortune on Wall Street, said he didn't believe he "had a choice" other than to try to return to finance. When the moderator sarcastically asked him why he didn't just quietly fade away after presiding over the epic Lehman bankruptcy, Fuld replied, “Why don't you go to hell?” 'Perfect storm' If it were possible, Fuld said there are many things he would have done differently during his final year leading Lehman. “You have to have enough liquidity to weather the storm. I already saw it and lived it,” she said. During the crisis, Lehman and other big banks were left with many “illiquid” assets, meaning they couldn't buy or sell quickly enough to meet other obligations.
It's very easy to look didn't see the violence of the market and how it spread from one asset class to the other,” Fuld said. He described a “perfect storm” and a “self-reinforcing negative loop” that led to financial panic, including an explosion of debt and financial products and lax regulation. Is it the fault of the American dream? Yet in many ways, Fuld remains in denial about Lehman's final days, reiterating his belief that the bank was a victim of nefarious forces. It wasn't a real bankrupt company, he said. “Did we try to do everything we could? Yes. Were we prey to other intentions? I’ll leave it up to there,” she said. Like many, the former Lehman boss believes that the 2008 crisis was started by a confluence of forces. Fuld said it's important to focus on the "buildup" of the housing bubble, which he believes began with a very aggressive push by the government to increase homeownership. “They wanted everyone to fulfill their vision of the American dream,” Fuld said. Stocks under a dollar? Because of his infamous role in the 2008 financial crisis, Fuld chose an ironic place to begin a comeback tour: A conference on what are essentially penny stocks, or stocks worth less than a dollar.
The effort to return Fuld's comments marked his first public statements since he was questioned by Financial Crisis Inquiry Commission America Mobile Number List investigators in 2010. After years of silence, he is trying to make some kind of comeback. He took the opportunity to praise the work of Matrix Advisors, the consulting firm he founded in 2009. Fuld, who built and lost a $1 billion fortune on Wall Street, said he didn't believe he "had a choice" other than to try to return to finance. When the moderator sarcastically asked him why he didn't just quietly fade away after presiding over the epic Lehman bankruptcy, Fuld replied, “Why don't you go to hell?” 'Perfect storm' If it were possible, Fuld said there are many things he would have done differently during his final year leading Lehman. “You have to have enough liquidity to weather the storm. I already saw it and lived it,” she said. During the crisis, Lehman and other big banks were left with many “illiquid” assets, meaning they couldn't buy or sell quickly enough to meet other obligations.
It's very easy to look didn't see the violence of the market and how it spread from one asset class to the other,” Fuld said. He described a “perfect storm” and a “self-reinforcing negative loop” that led to financial panic, including an explosion of debt and financial products and lax regulation. Is it the fault of the American dream? Yet in many ways, Fuld remains in denial about Lehman's final days, reiterating his belief that the bank was a victim of nefarious forces. It wasn't a real bankrupt company, he said. “Did we try to do everything we could? Yes. Were we prey to other intentions? I’ll leave it up to there,” she said. Like many, the former Lehman boss believes that the 2008 crisis was started by a confluence of forces. Fuld said it's important to focus on the "buildup" of the housing bubble, which he believes began with a very aggressive push by the government to increase homeownership. “They wanted everyone to fulfill their vision of the American dream,” Fuld said. Stocks under a dollar? Because of his infamous role in the 2008 financial crisis, Fuld chose an ironic place to begin a comeback tour: A conference on what are essentially penny stocks, or stocks worth less than a dollar.