Though I'm afraid they'll find it's too little, too late, someone is finally taking Dick Fuld to task for cratering Lehman Brothers and helping himself to hundreds of millions in compensation while he ran the company into the ground. In a rare instance of poetic justice on the Street, the custodian for the former Lehman employees' 401(k) plan is suing Fuld for nearly $500 million.
At the center of the issue is the lack of disclosure on Repo 105 transactions and other shady shit by Fuld and other executives.
Fuld and other executives “knew or should have known” about Repo 105 and other risks taken by Lehman, “and therefore knew or should have known that the plan’s assets should not have been invested in company stock,” according to the complaint.
Of course, Dick Fuld is prepared for all comers. He started shielding his assets from regulators and potential litigants just weeks after Lehman went under. He even sold his $14 million Florida mansion to his wife for $10 to get it out of his name. You read that right: ten bucks. The smug prick doesn't even bother trying to make it look legit.
While I'd buy tickets to see this bloodsucker taken down a few pegs, I don't think it's going to happen. Anyone who would risk televised perjury before Congress is that arrogant for a reason - he knows he's untouchable because the powers-that-be aren't willing to go after one of their own.
Still, there's nothing stopping someone from walking up to him in the gym and knocking him the fuck out.
I guess that'll have to be enough.
Any former Lehmanites care to weigh in?
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