Tags: Activists, Bankruptcy, Carl Icahn, Dick Fuld, Goldman Sachs, Hedge funds, Lehman Brothers, Repo Men, Wealth, Yachts
Tags: AIG, Barack Obama, Bonuses, Compensation, Dick Fuld, Erin Callan, Examiner reports, Golf, Hedge funds, implosions, Lehman Brothers, Politics, Sports, Tiger Woods, Tim Geithner
Former Lehman Brothers CEO Dick Fuld sold his Park Avenue apartment, purchsed in 2007 for $21M, for $25.87M. The buyer: Glenn Fuhrman, a partner at MSD Capital, the firm that manages Michael Dell’s money.
Mr. Fuld and his wife, Kathleen, purchased the apartment for $21 million in January 2007. The full floor, four-bedroom, 6,200-square-foot apartment, which underwent a multimillion-dollar renovation, was not officially on the market but had been quietly shopped for $32 million. The sale was first reported Thursday afternoon on the Web by the Real Deal.
Richard Fuld’s Co-Op Sells – Wall Street Journal
Tags: Dick Fuld, Lehman Brothers, Real Estate
It turns out that Dick Fuld isn't the only embattled former CEO to move real estate assets out of their names into the names of their spouses. The NY Post says that property records show that Chrysler CEO Bob Nardelli has done it (although that's disputed by the Nardelli camp), and so has former Merrill Lynch CEO Stan O'Neal.
Tags: Chrysler, Dick Fuld, Real Estate
Fishy, fishy, fishy: Sounds like former Lehman Brothers CEO Dick Fuld is trying to get what assets he can out of the way of those lawsuits that he's facing which could cost him big time. He's sold his $13.75 million Jupiter Island Florida mansion to his wife at a stunning bargain, literally a steal. Citifile.com says he sold it for $100, while the NY Times is claiming that he sold it at a far cheaper price: a meager $10:
Tags: Dick Fuld, Lehman Brothers, Real Estate
That's according to the NY Post's Page Six Sightings:
Former Lehman Bros. chairman Dick Fuld and his wife, Kathy, learning to fly commercial, being instructed by a man who appeared to be their driver on how to work the JetBlue self check-in kiosk at Palm Beach airport en route to La Guardia.
Tags: Dick Fuld, Lehman Brothers
We love the Elf Yourself / Jib Jab elves. Here we present our deposed Wall Street CEO creation, including former Lehman Brothers CEO Dick Fuld, Former Bear Stearns CEO Jimmy Cayne, Former Merrill CEO Stan O'Neal, and Former Citigroup CEO Chuck Prince….
Tags: Bear Stearns, Chuck Prince, Citigroup, Dick Fuld, Jim Cayne, Lehman Brothers, Merrill Lynch
According to the Financial Times, he's possibly contemplating opening a small advisory firm "once the dust settles on Lehman's bankruptcy". Given how well Lehman worked out (*cough*), where he stubbornly refused any offers for the firm because he considered them too low – instead ultimately watching the firm implode — will anyone want his sage advice? Reviled by many, he's not exactly the most popular guy on the block at this point. Nor is the tone deaf Fuld considered to have the soundest judgement at this point.
Tags: Dick Fuld, Lehman Brothers, Revolving Door
Dick Fuld got the NY Magazine cover this week. "Is Lehman CEO Dick Fuld the true villain in the collapse of Wall Street, or is he being sacrificed for the sins of his peers?" It's a long article, and we're still reading it….
Tags: Dick Fuld, Lehman Brothers
This year there are quite a few choices, spanning entertainment, sports, media, politics and of course Wall Street. Just some of those represented: There's Eliot "Client 9" Spitzer and his high priced hooker Ashley Dupre. There's Obama, Biden, McCain, Palin. There's the usually substance-impaired Amy Winehouse and Olympic champ Michael Phelps. There's Ben Bernanke and Hank Paulson. And of course, the collection wouldn't be complete without Wall Street pariahs Jimmy Cayne and Dick Fuld.
Halloween Masks – The Scariest People of 2008 – Forbes
Tags: Ben Bernanke, Dick Fuld, Eliot Spitzer, Henry Paulson
All eyes on Dick Fuld today: The embattled Lehman Brothers CEO has kept an incredibly low profile since the firm crashed and burned, went into bankruptcy and was splintered into sold off pieces. But today he’s being flushed out into the pubic to give testimony at a long awaited hearing before the House Committee on Oversight and Government Reform. According to Bloomberg:
Tags: Credit Crunch, Dick Fuld, Lehman Brothers, Politics
Lehman Brothers employees who still work at the former headquarters building at 745 Seventh Avenue that now bears the Barclays name, soon won’t have to worry that they might bump into their reminder of better days, ex-leader Dick Fuld. He’s being booted to 1271 Sixth Avenue which has been used as Lehman Brothers overflow offices. According to Deal Journal:
On Monday, he and other senior Lehman executives who were not offered jobs by Barclays are officially leaving the 31st floor of Lehman’s headquarters and moving to the 45th floor of 1271. 1271, located in the Time & Life Building, is also the headquarters of Fortune Magazine, which should make Mr. Fuld a daily sitting duck for any intrepid reporters.
Exile for Lehman Brothers CEO Dick Fuld – Deal Journal
Tags: Barclays, Dick Fuld, Lehman Brothers, Revolving Door
Lehman wanted $17.50….. Sadly, KDB’s rejected $6.40 bid is $6.40 more than shareholders are likely to get.
Lehman Brothers Holdings Inc. spurned
Korea Development Bank’s offer of $6.40 a share for a controlling stake in the
weeks preceding its bankruptcy, the Korean bank’s Chief Executive Officer Min
Euoo Sung said.The bid would have valued KDB’s proposed investment at about 6 trillion won
($5.3 billion), Min told lawmakers in Seoul today. The price included a 30
percent premium for management control, he said, without disclosing how large a
stake was sought.Lehman, which traded as high as $66 this year, wanted $17.50 per share, causing
the talks to collapse, Min said. Barclays Plc, the U.K.’s third-biggest bank, is
considering buying parts of Lehman in Europe after agreeing to acquire its North
American business for $1.75 billion following the 158-year-old Wall Street
firm’s bankruptcy on Sept. 15.
Lehman Spurned Korea Development Bank’s Offer of $6.40 a Share – Bloomberg
Tags: Bankruptcy, Dick Fuld, Lehman Brothers
Dick Fuld is going to have to venture out into the world soon and say something. Mum since his firm filed Chapter 11, he’ll have to testify at a September 25 hearing before a U.S. House panel looking into Lehman Brothers’ bankruptcy….
Tags: Barclays, Credit Crunch, Dick Fuld, Lehman Brothers
Cityfile takes us on a tour of recently missing-in-action (and soon-to-be ex-CEO of Lehman Brothers) Dick Fuld’s palatial $10.8 million 9,710 square ft.Greenwich mansion.
The House That Lehman Built – Cityfile
Tags: Dick Fuld, Lehman Brothers, Real Estate
Tags: Bankruptcy, Dick Fuld, Drexel, Lehman Brothers, Liquidations / implosions
Still open for business: Lehman Brothers Holding Inc. announced that it’s filing Chapter 11. None of the U.S. subsidiaries are included in the filing. Lehman Customers can still trade with the firm, including customers of Neuberger Berman. Important to employees: The firm intends to make first day motions that will allow it to manage its operations, including requests to make wage and salary payments and continue other employee benefits.
The press release is below:
Tags: Bankruptcy, Credit Crunch, Dick Fuld, Lehman Brothers
As we noted in our early morning headlines, Pope Benedict XVI is praying for Alitalia, the insolvent airline, whose rescue talks by a group led by Piaggio & C. SpA Chairman Roberto Colaninno have fallen apart.
Just a suggestion for his holiness: Could he ask for a bit of divine intervention for Lehman Brothers too?
Tags: Credit Crunch, Dick Fuld, Lehman Brothers
Tags: Credit Crunch, Dick Fuld, Fed, Lehman Brothers
“Everyone is walking around like they have just been Tasered,” said one Lehman employee, who, like many interviewed for this article, declined to be named because he was not authorized to talk publicly. “Everyone was always hoping we would pull through. Now, that is not really an option.”….
“We feel like we have been controlled by events and haven’t controlled them,” said one rank-and-file employee. “And it has just been the most punitive market. Is there frustration with the management team? Of course.” Another employee who left Lehman earlier this year lamented that he had put enough faith in the firm to retain shares — a decision he is paying for. “My children’s education fund is wiped out,” said this person.
“I’m not a millionaire like a lot of these guys. Of course this is on Dick’s hands,” he said, referring to Mr.
Fuld. “It all happened on his watch.”
For Lehman Employees, the Collapse Is Personal – NY Times
Tags: Credit Crunch, Dick Fuld, Lehman Brothers
The chart reflects trading as of 6:02pm.
Earlier: Is Lehman about to be Bear Stearnsed? – WSF
Tags: Charts, Credit Crunch, Dick Fuld, Fed, Lehman Brothers
Lehman Brothers equity holders’ worst nightmare may be coming true. According to a Washington Post story, the Fed and Treasury are actively working to get Lehman sold to a group of private equity firms with the goal of getting a deal signed, sealed and delivered by the time that Asian trading opens on Monday morning. The Post said that details haven’t yet been finalized, but it’s sounding an awful lot like Bear Stearns. If the story is true, and if the government is going to remain involved as a backstop as it did with Bear, it won’t be pretty for the common stock holders, 30% of which is owned by Lehman employees. Stay tuned. If this story is true, we’ll be listening to a sad conference call on Sunday evening….
U.S. Government to Arrange Sale of Lehman Brothers – Washington Post
Tags: Credit Crunch, Dick Fuld, Fed, Henry Paulson, Lehman Brothers
Rumors have been flying fast and furious all day about Dick Fuld / Lehman beating the bushes for someone, anyone — with lots of cash, a strong balance sheet and a very strong stomach — willing to acquire it. According to the WSJ:
A
number of these buyers would "come out of the woodwork," if the U.S.
were to step in, said one person monitoring the process. It remains unclear
whether the U.S. Treasury or Federal Reserve would take such steps, as was done
when the government assisted J.P. Morgan Chase & Co. in its Bear Stearns
takeover in March.Bank of America, which is holding preliminary discussions about a transaction,
appeared to be Lehman’s best hope on Thursday afternoon. BofA may only do a
Lehman deal if it is encouraged by the federal government, since it has its
hands full digesting mortgage lender Countrywide Financial Corp.
Lehman Brothers in Sales Talks; B of A Seen As a Potential Suitor – WSJ
Tags: Bank of America, Credit Crunch, Dick Fuld, Lehman Brothers
Underwhelming. Among other things, Lehman says it will spin off its commercial real estate assets and sell a majority of its asset management unit. It’s also reduced its annual dividend from $0.68 to $0.05. In addition, Lehman will now consider all alternatives, which pretty much means they’re also up for sale. But at this late date, with the gun to their heads and potential buyers clearly smelling blood, we suspect that any sale price won’t make shareholders very happy.
Here’s the press release from Lehman. The conference call is about to start. The dial in number is 800-369-1721, pass code 7561430
Addendum: In the pre-market the stock is trading down and at 8:05 was around $7.50, although it briefly dipped below $7.
8:35 The stock is recovering a bit, trading around $8.35
9:26 Conference call close to ending and the stock, still in pre-market trading is now at $9.10
Tags: Credit Crunch, Dick Fuld, Lehman Brothers
Another ugly trading day for Lehman Brothers. Traders hoped to hear some kind of comments from Lehman, but they were mum during trading. The stock barfed up a lung, ending down $6.36, with a new 52 week closing low of $7.79 (It traded down to $7.64 during the day and as low as around $7.20 after hours). It was the company’s worst trading day in its history…..
Tags: Credit Crunch, Dick Fuld, Lehman Brothers
13F Charts AIG Amaranth Autos Bank of America Bankruptcy Banks Barack Obama Barclays Bear Stearns Ben Bernanke Bernie Madoff Blackstone Bonuses Carl Icahn Charts Citigroup CNBC Compensation Credit Crunch Distressed Economy Fed GM Goldman Sachs Hedge funds Henry Paulson Hookers Insider Trading investment banking Jamie Dimon JPM Chase JP Morgan Lawsuit Legal Lehman Brothers Merrill Lynch Morgan Stanley Politics Private equity Real Estate Revolving Door SAC Capital SEC TARP
WP Cumulus Flash tag cloud by Roy Tanck and Luke Morton requires Flash Player 9 or better.
Contact us / send tips: wsf@WallStreetFollyDOTcom
Follow us on Twitter: twitter.com/WallStreetFolly
Receive our posts via email:
Subscribe in a reader