Monday, September 15, 2008
Peter Robison and Yalman Onaran, Bloombnerg.com,
Peter Robison and Yalman Onaran, Bloombnerg.com,
Fuld’s Subprime Bets Fueled Profit, Undermined Lehman
The longest-serving chief executive officer on Wall Street battled for more than a year to contain the fallout from Lehman Brothers Holdings Inc.'s bad bets on real estate.
Fuld's defense of the 158-year-old firm ended yesterday when Barclays Plc and Bank of America Corp. walked away from buyout talks, forcing the company to file for bankruptcy. Fuld ultimately gambled almost four times the firm's shareholder equity last year on mortgage securities that he insisted were hedged by other bets. His own pay surged to $40 million in 2007 from $12.5 million in 2002.
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Posted by Editor on 09/15/08 at 07:30 PM •
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