From non-target to BB CEO: My story
Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 11/25/13. Check out @DickFuld"'s current Q&A here. To see all of our top content from the past, click here.
I was like many of you at one point in my life. I was a non-target student with big dreams. Luckily, I was an extraordinary networker and worked my way into Lehman on the commercial paper desk. It was the best thing that ever happened to me. I breathed the CP market and built a reputation from an early age as someone you should not fuck with.
Fixed income was becoming the lifeblood of our firm and I was at the epicenter of it. Lew Glucksman was a God at our firm. He had his office at the center of our trading floor and used to smoke cigars in his little glass encased office. Usually only coming out to yell at someone for botching a trade. (side note: he once became so angry that he kicked a trash can during the middle of the day and shattered the glass wall of his office) Lew was determined to show these fancy investment bankers how real money was made and he did. He eventually became the CEO, which was virtually unheard of at the time. Traders didn't become CEOs, but times were changing rapidly. I wanted to be him. I bled Lehman green through and through.
I stuck through the firm through the roughest of times. The first wave of shit was when we were bought by American Express. These people really didn't know what to do with us. They sold charge cards and we made mountains of money trading bonds. It was a horrible fit and we all wanted out. We eventually got our wish and spun out in 1994 with me as the CEO. 1998 was another tough time for us...the god damned short sellers were out to get us with the LTCM debacle. We were liquid with solid financials, but they were looking to take us down, but we weathered the storm and it made us stronger. The 2001 terrorist attacks nearly ruined us again, but we pulled together as a team and our clients rewarded us again.
My goal was for Lehman to be the top investment bank in the world and in many respects, that's what we became. But, first, we had to grow and invest in the other parts of our business to give us a more balanced approach to printing money. I invested heavily in the equities business and we sat atop the Institutional Investor equity research rankings for years. I invested heavily in our banking business and we did well there too. I built up an Asset Management franchise that was capped off by our purchase of Neuberger Berman in 2003. We were a globally diversified company that could provide expertise to virtually any financial problem. Our stock outperformed all of the other investment banks and almost every financial company out there. I was named CEO of the year multiple times because of our success in providing liquidity and solutions to our clients.
As you surely know by now, not everything turned out perfectly for us. We were in a similar position to the other banks in 2007, but the world started coming apart. Politics would eventually be the end of Lehman. Hank Paulson was determined to get us, he was so envious of what we accomplished and didn't want to see us dethrone his beloved Goldman Sachs, which we were all but certain to do. We also had the brother and the cousin of the POTUS on our payroll, which didn't help. So, they made us fail.
Ultimately, do I feel responsibility for what happened? Yes, I do. I will remember what happened for as long as I'm still breathing and I'm sorry that I let down my employees (who I consider family), our clients, and our shareholders. That being said, I'll never forgive those bastards (Paulson, Geithner, Bush) for what they did to the company we all loved. Anyway, there have been a lot of negative things said about me, so I just wanted to get the truth out there.
-- Dick
(PS -- nobody ever hit me in the company locker room, that was a lie designed to sell newspapers)
I threw the first SB! Heehaw!
Just read some stuff about you the other day. Good luck Dick, and if you ever start up your own Investment Bank shoot me a PM. I'd be happy to come work for you.
lolz
Hmmm... Harvey Specter working with Dick Fuld...an intriguing idea indeed. Imagine Harvey along side Dick as his partner and trusted counsel. Together they seek to rebuild the Lehman empire from the ashes, rehabilitate the Fuld name and prove to Jessica that Harvey is managing partner material after all. All the while as they face off against the unholy trinity of the SEC, the Justice Department and Daniel Hartman.
I'd much rather watch this show than the nonsensical saga involving Hessington Oil, Edward Darby etc. So Mr. Fuld, would you be interested to make a lateral move to showbiz and starr as yourself? You never know, sometimes life imitates art...Please do make sure that Louise and Katrina (not Mike pls!) get to make cross-over appearances one in a while.
Great post. I just googled you! I can not believe you went on here to share your story. BTW, it is very helpful and informative. Thz for posting. You inspired us all
Great post indeed
You ever replace that stuffed gorilla you kept in the office prior to 9/11? maybe he went off to start an internet forum for future investment bankers...
This is getting out of hand. Can someone at WSO verify the OP's identity? To Mr. Fuld, if it really is you, what is your opinion on Mark Walsh?
is this legit?
Well played sir
10/10 Would read again
This is a really fascinating post. What was it that killed Lehman specifically? I had heard a rumor that when Lehman needed cash to pay for its debt and a couple of rival banks (I think specifically Morgan Stanley and Goldman Sachs, I've heard) were holding securities and cash that Lehman owned, but would not allow it to access them, thus forcing the firm into bankruptcy (despite solvency). Can you shed some light on this? Is it based in truth, or complete and utter bunk?
http://www.wallstreetoasis.com/forums/what-is-your-morning-routine
How, if you don't mind me asking, did you hedge your mortgage book? It's amazing how just a rumor of a liquidity issue can become a self fulfilling prophecy. If the government had bailed Lehman out (like BAML, Citi, JPM, etc.) do you think that the company would have survived today? Also, can you talk a little more about how the politicians managed to keep Lehman out of the proposed TARP fund?
Dick, you're still #1 in my book! It's not a coincidence that you started at Lehman as a spivvy repo guy...
Is this really Mr. Fuld? Until the day they put me in the ground, I will wonder.
;)
Is this the real Dick Fuld? Just read the Sep Bloomberg Businessweek article on him that kind of makes me feel sorry for him...
Screw Warren Buffett.
How'd you feel about Jimmy Woods being chosen to portray you in Too Big To Fail? Who would you have chosen?
//www.youtube.com/embed/DI-kTuJLSrk
Are some of you guys really dumb enough to think this is actually Dick Fuld? Have you read any of his other posts?
Still a funny writeup though.
This has to be fake...
"do I feel responsibility for what happened? Yes"
FAKE
The real Dick Fuld only cares about himself. He needs to man up and own that whole thing, it's the only way to not look like a whiney bitch blaming everyone else for his problems. Stop blaming the gov't for not bailing LEH out. Stop blaming Goldman for managing their risk better. Stop blaming every goddamn thing except the dumb mistakes (40x leverage on speculative positions???) you made. And really, please, for the love of pearl, stop blaming the buy side. Of course they're going after a company when they smell blood, it's what they do, and who's job is it to hold things down when the sharks are circling? And why are they there in the first place?
Sorry to be so mean, but really.
@UFOInsider
You have no idea what you're talking about. You've never been to war like me. It's a jungle out there and people couldn't face me head on, so they played dirty. We were a group of underdogs who fought our way to the top and the ingrained players were scared shitless that we were going to eat their lunch. So, they shut us down through rumors and the government did absolutely nothing to stop it. They should be ashamed of themselves. No bank can survive the death-spiral that results from a crisis of confidence, not even the great Lehman Brothers. Freedom of speech does not mean you can yell 'fire' in a crowded room and that's exactly what happened to us.
Shenanigans.
Whatever happened to the Dick Fuld that punched a superior officer in the face? Sure you're not supposed to but it's one of the reasons I wanted to work at your shop after school. I respected you because you were a MAN. Now we're hearing "you don't know what it's like".....SO TELL ME, I WANT TO KNOW.
For years now, all I've heard you say is "look at what these people did to us", while being content to hold on to your cash. You acted like a bitch in a divorce. All we heard from you was "poor me, oh look at how mean everyone is".
FUCK YOU.
If you're the real Dick, I want to know what happened to you. You had balls. You were mean. You were tough. You were smart. Everyone was saying that LEH was going to eclipse GS, if they hadn't already. You were a fucking MAN. Now all I hear is excuses. I want to know what the hell happened to the guy I looked up to and wanted to work for.
Dick. Seriously. What happened?
I'm not divorced. Listen, I'm sure I sound paranoid. But, just because you sound paranoid doesn't mean someone isn't looking over your shoulder. Those bastards were out to get me and nearly brought down the economy to do so. Literally the only major firm to go bankrupt was Lehman, you can't tell me that's a coincidence.
Also, nobody can ever claim that I kept all my cash. I had most of my net worth in LEH and lost nearly $1 billion. I was a true believer.
You're insane.
Why is everyone acting like a regular WSO poster is actually Dick Fuld?
Dick, this is the one forum on earth that's really going to understand you. Go into detail. Never mind my tone, I just wanted to make sure I had your attention.
Why do you think LEH was singled out? And how were you even in that position?
.
Fake or not this is a Brilliant post.
Sooooo, an administration known for inbreeding and nepotism didn't help a company with their relatives on the payroll but they permitted Hank Paulson to hook up his favorite firm? More to the point, how were you guys even in that position? Maybe you really were captain of the Titanic, I get it, but at least go into detail.
To be honest, here's what a lot of us are looking for:
Without a "YOU'RE GOD DAMN RIGHT I DID IT" moment, a lot of us really just think you're telling the story in a way that indicates hiding from some type of guilt or legal liability.
We told the head of our investment management division (GWB's cousin) to call GWB to open up the Fed window. He didn't pick up the phone and I know it's because Paulson told him not to.
I have nothing to hide, which is why I'm here getting the truth out. If it makes you sleep at night, I'll be your bad guy who you can lay blame on for all your problems. But, you're only fooling yourself.
It says "John Paulson" in the OP. I call shenanigans.
John Paulson? LOL. GWB's cousin didn't call Bush directly on his personal line? You're saying that Hank Paulson had more influence with George than his own cousin? I call bullshit.
This is about you, the former CEO and not me, the faceless slave. Let's keep it straight. So you're saying you didn't even try? Wow. You're saying that GWB's cousin had no influence? Are you retarded? He was on a first name basis with the president at the time. How can you not take advantage of that? Do you really expect anyone to agree with you on that point? I'd have to be retarded to see things your way. Whatever dude.
That's not even the main event: how did you guys even let things get to that point? Why did the firm even need help? Did you just suck at your job? Did you get arrogant and lazy?
I am on a first name basis with GWB. So that's not really a massive achievement.
On a different note, the "well everyone was doing it" excuse is a fucking joke.
Serious contention for thread of the year...
You show 'em, Dick!
This is probably the best trolling I have ever seen on this site. 10/10
@ Dick - I never heard you just acknowledge that your firm took too much risk and left their position vulnerable. I never heard you acknowledge on any level that some of that may have been your fault. You can't say you feel responsible without actually taking responsibility. All you've done is try to save face...and that's your problem. Despite what the twits in Washington think, risk taing is actually acceptable in this business, so I wouldn't fault you. None of us would.
Here's what's bothering me: you've done everything you can to make everything everyone else's fault after your company was weakened. THAT's why I'm annoyed with you. If you could man up and just say "hey, I screwed up, I thought our risk profile was ok" or "Hey, I knew we were taking too much risk but I figured we could exit the market in time" or even "yeah, I got totally blindsided", then I could respect you. Instead, all you do is talk about how everyone reacted after things started going bad. You hide behind politics, and you're not even that good at it.
This is about redemption and of course it's uncomfortable, but until you confront this no one will believe you. It's not about a crisis of confidence in the company at this point, it's about a lack of confidence in YOU. You're not a bogeyman to me, I understand full well that things were fucked in 2007. Actually, I think you're a victim on several levels, legitimately. One, you were a victim to making mistakes as a CEO. Two, a victim to everyone else in finance who pounced on LEH. And Three, a victim of Washington. You've discussed the second and third point but you can not come to terms with point one and that is the root of the rage against you. So be it. And so be it if you're "done with me". It really makes no difference at this point.
Until you deal with that first point though: Wall Street is done with you.
Go ahead and live in your little bubble and denounce people who actually played the game. We were in a similar risk position to every other investment bank out there at the time. You need to feed at the trough when the getting is good otherwise you're out the door. We did what we had to do to stay competitive and increase our market share. You would have done the same thing, but you wouldn't have executed as well as I did. All the people that want to demonize me are the same ones that called me CEO of the year just a couple of years earlier. It's just people who have no idea what they're talking about trying to sell papers. And it works. But, it doesn't mean they're right. Even after all the shit I went through, I'm still a wealthy man, I couldn't care less if Wall Street is done with me or not. I wouldn't work there in this overworked and underpaid environment anyway. I mean, there are no bulge bracket investment banks even left, they're all commercial banks. Bobby Lehman would have rather seen us perish than become a commercial bank.
Mr Fuld, What makes an execution good or poor?
How did you made Lehman Brothers stand out from the competition while having the same strategy as the others?
OP post picture of you holding a spoon and a green spatula while juggling oranges for proof
Say what you want Dick, you're just a punk. No amount of money will change that. When you can give a straight answer, you'll be worthy of respect again.
Until then, I'm not angry at you. I'm just really disappointed. Say it aint' so.
Probably going to get shit on for this but here goes:
1) You're most likely a troll. Who writes a pseudo-apology/story about a rise to the top 6 years later? 2) Even if you are "Dick Fuld", you sound like a beta male. "I breathed the CP market and built a reputation from an early age as someone you should not fuck with." Right. In commercial paper. Big man on the street. Watch out everyone. 3) It's not even an apology. You essentially just blame everyone else. Typical "CEO". You're worthless and half a man. That's the only truth in this article. Start taking responsibility for things instead of writing 6 years later about bullshit (that is, if it is "Dick Fuld" (terrible name by the way), which I highly doubt).
Probably?
Hey, a guy's gotta try sometimes, right?
Troll post from fake Dick Fuld successful.
Putting this on the FP was an important component to the troll.
I have no idea how this got to the FP.
Coming up next, a two parts series exclusively for WSO readers:
Part 1) Success Story: How I leveraged my Vietnam military experience to gain admission to a top MBA finance program
And part 2) Ask Me Anything: Post-MBA star bond trader at BB taking questions on S&T, exit opportunities and beyond
By Jon Stevens Corzine
Also Dick Fuld would know who Bridget was and what happened to Mike during the last year at the firm.
I can cancel some of them out.
I'm sorry, but calling a spoof thread a spoof isn't necessarily an awful thing.
You're referring to not bailing you out? Yea, it's called Capitalism.
Well, we all know that Goldman Sachs' real name is Government Sachs. So it came at no surprise to most of us.
That being said, you should consider yourself lucky you worked during the heights of the 30 years run of the financial bubble.
@duffmt6 I was wondering the same thing.
Some of you guys probably accept facebook invites from supermodels and compliment them every time they put a new pic on their timeline, etc.
//www.youtube.com/embed/zBLrSz0oNvs
It was pretty good up until this part...
Yeah, ok... http://www.pbs.org/newshour/bb/business/july-dec09/solmanlehman_09-14.h…Uh..this is, in no way, strange. A lot of senior execs have private elevators and private parking areas. There are actual threats to their security that have to be considered. I'm not saying its right just that this is not at all uncommon.
Thanks for pointing out something that should be obvious, that most people just don't understand. Trust me, it really is lonely at the top.
That's all well and good, but "Dick Fuld" is talking like he's all buddy-buddy with his employees, which is obviously not the case. If you're not even willing to share an elevator with employees (you can ride an elevator with others without compromising security if you're flanked by like 3 or 4 big, burly dudes), what does that convey to the "rabble"?
Nice post Fuld, keep up the good work. Great to see some top brass posting on WSO, should definitely give the site some decent publicity. Any chance you could also talk to some of your friends (Lloyd, Jamie, Steve, etc) to make accounts also? I could walk them through account registration, setting up a profile, choosing an avatar, etc.
Couple quick questions, especially considering how "people don't have morals anymore" (your words not mine):
1) How do you respond to having requested and received ~$20mn in "special payments" ie (bonuses) for three executives including yourself four days before the Lehman Bros threw in the towel? Does that reflect on your character at all?
2) How did you feel about Lehman's accounting fraud from your Repo 105 shenanigans which violated Sarbanes-Oxley and made your leverage ratios look better? Was this some sort of reflection of your "do not fuck with me" reputation?
3) How do you respond to a poll that named you worst American CEO of all time? http://www.cnbc.com/id/30502091/page/21
Keep fighting the good fight, Dick...we're gonna make it.
Easy. We didn't think we were going under and we needed to retain top talent.
I don't know what you're talking about. As far as I know, our books were clean.
I can point to many more surveys that named me CEO of the year. Populism rage is a dangerous thing.
1) It was obvious to any idiot that knew what was going on that you guys had no access to capital.
2) As far as you knew? That's the biggest cop out ever. If you are the fucking CEO you know. Oh boo hoo we had trillions of dollars of shit on our books. If you never spoke with your CFO and accounting executives you have no right being the CEO.
3) CEO of the year? How much did that cost you?
I know we have addressed this in a previous thread and I could care less about your failings as a CEO but the truth is that you are a little bitch, which has been corroborated by both your former ROTC buddy at CU Boulder (our mutual acquaintance that we PM'd about) and the fact that you managed to get punched in the face while running on a treadmill (and didn't even bother to defend yourself). I also heard that after being pulled away he went back to the rack and finished his sets while you stumbled to eventually get up before meandering over to the showers with your little Richard between your legs. You always try to play the hero (oh, I punched my Air Force commanding officer in the face because another young cadet was being bullied) but we all know the truth. The audacity to come on here and preach to the future of the financial world is worse than your Lehman failure. You're an embarrassment.
With that level of anger, I assume you must have been corn-holed by Joe Gregory. I can't imagine why you'd be so upset with me otherwise. I don't know you.
Nobody punched me in the face at the Lehman gym, that is an unadulterated lie.
I'm not upset I just think you are an ass and primarily blame you (and Barney Frank) for the entire financial meltdown and the decline of my neighbor's home value (and subsequent foreclosure) and 401-k decline. Also, I never claimed to know you just mentioned that we had a mutual acquaintance. I also understand why you wouldn't remember "when you got knocked the fuck out" (to quote Smokey and the senior source that reported on the matter to page 6).
You Sep 12 2013 - 10:06am Delete Block Flag Post
Good morning. Obviously, I thought your username was just a joke but you mentioned something in a recent thread that made me believe otherwise. I mentioned it to my friend’s father, Redacted, the other day when we were out to lunch in Scarsdale as he had talked about being in a club with you at CU. He sends his regards and mentioned that he would see you around Yom Kippur? Anyways, very cool to have you as an active member on the site.
DickFuld Sep 14 2013 - 6:46pm Delete Block Flag Post
JBS, The name definitely rings a bell but he is not really part of my social circle anymore although we were good buddies in college. Definitely enjoying the site although I must admit kids seem a bit wetter behind the ears than I remember. Best, DF
The volume of comments and level of thought/tension in them is unlike most troll posts I've ever seen. Nicely done.
This post was hilarious this morning and is only getting better. Great troll post.
I know how we can settle this once and for all. @DickFuld
Was the toilet seat in your private bathroom solid gold, gold plated, or gold plated and heated?
I think Lawrence McDonald would characterize you as an asshole who didn't give a shit about Lehman or its employees.
A dream coming true: DickFuld himself on WSO. I am a big fan, currently a student, and looking for a good mentor. So, if you have any time left, would be a big dream coming true :)
"troll" There is nothing trollish about this. "trolling: submit a deliberately provocative posting to an online message board with the aim of inciting an angry response." Unless you are a fuking moron, no one in their right mind will believe that Dick Fuld has decided to come on an anonymous message board to talk about his life.
I despair at the state of our education, and the lack of critical thinking. If this post is any representation of the future candidate pool of analysts I am going to have to pick from, I might as well just give up and do all the shit work myself.
Unthinking real!
I despise you for pissing on my ability to enjoy my retirement by feeding the trolls!
Well, well... Glass house, buddy. You seem to have had trouble correctly defining "troll" just today so I wouldn't go throwing stones, chief.
[disclosure: I, in fact, do not believe that "DickFuld" is Richard Fuld, former CEO of Lehman Brothers.]
Cool story, bro.
There I fixed it for you.
Great post. H
Thank you for sharing your story. Coming from a non-target; you give me hope.
Yeah, this thread should really be placed in the "Success Stories" forum...OP gives hope to all non-targets everywhere looking to break into CEO gigs.
Haha, forget a thread, this should be its own website. DickFuldOasis
Sorry all. I've been flooded with PMs today. I will try to get through all of them, but let me just state a couple of things here that should answer about 80% of the questions, in case I don't get to you.
But, I can answer any (polite) questions here.
I heard county was hiring.
First, you have to keep in mind that I was networking for a job in the late 1960's, so not everyone was as obsessed with Ivy League degrees the way they are now. My advice may need to be modified somewhat for current times. But, the important thing is you need to build a personal connection before asking for a job. Don't say things like 'Can I network with you?' or 'I AM interested in a job at your company' to people you've never met before. Try to learn anything you may have in common with your targeted person, whether it's growing up in the same town, attending the same school, you both play squash, whatever. Your goal should be to meet as many people as you can and to try to figure out some way you can be helpful to them. I know many of you will say 'but, I'm just a college student, I have nothing to offer'. Well, pardon my French, but that's just feel sorry for yourself bullshit. Maybe you can recommend a goo restaurant, maybe you know a good dentist in the town they just moved to, it doesn't have to be a big thing. If you try to connect people and help them, it will pay off in spades.
If you have any family or friend connections, do not be afraid to use them. You need to come across as someone that people like and someone who gets things done. If people perceive you this way, they will want to hire you. If you lack confidence or you don't follow-up, you will be leaving potential offers on the table. Go get your piece of the pie, because nobody is going to serve it to you.
Dick,
I admire your intensity and drive, and despite what happened in 2008 you were instrumental in building an AMEX spin off into a venerable, global institution. I don't think it's fair to single you out. Every bank had some sort of securitization business and exposure to mortgage securities that they thought were sound. AAA ratings are supposed to mean something after all, right?
It was a pity for the fed to let Lehman fail, as the ramifications proved disastrous. I'm sure there's a lot of things that could have been done to better position Lehman ahead of 2008, but hindsight is 20/20 and what happened in the real estate market was unimaginable at the time. Few saw it coming, most bet on it passing.
Thank you for coming on the board and offering your advice to anyone that will bother to listen. You have decades of front line experience that I'm sure we can all benefit from.
Happy thanks giving.
wait... NYU's NOT a target school?
I broke into Lehman from UC Boulder and did the part time MBA program at NYU.
ah, I see.
Too bad we can't certify users with Lehman Brothers email accounts.
I'm loving this so far. This better keep going for a while, it's keeping me entertained.
@illiniprogrammer
Congratulations, you had the only comment that stuck with me all day. You have me wondering, "why did I not care that much about our technology talent?". I mean, we were One Firm, right? I meant that phrase with all sincerity, even though 'One Firm' was Joe's idea. Vision doesn't get built without technology these days. I'm trying to remember Bridget and Mike, but all I can think of is fucking Gelband. I know this is hard to believe or hard to hear, but I had a lot of people working for me and I barely knew any of their names outside of Joe, Skip, Bart, Ted, Tom, Dave, and a couple of others. It didn't mean I didn't care about the others, I just wasn't good with names. Anyway, I'm glad to see that someone here bleeds green as well. Thanks for your service.
Anyone else find it ironic that Mr. Fuld's title is Gorilla?
It's obviously not Dick Fuld. Why are people still waisting their time with this?
Dick, in a somewhat recent movie loosely based on the Lehman experience, your fictional prototype was called - rather suggestively - "John Tuld". Are you unhappy about that? In truth, that last name looks and sounds a bit like "Turd"... Do you think the creators might be trying to send some sort of a message here?
@Martinghoul
Like I said earlier, I don't watch movies.
Yeah, I think those guys are trying to send a message. That message is that they aren't funny. My first name is already Dick, you would think they could do better than that.
How do you pronounce your name? When I say it in conversation it always sounds like "Dick Fold."
It's pronounced Dick Fuld.
"@Martinghoul
Like I said earlier, I don't watch movies."
Come on OP You are not even trying! Seriously since you already went through all that trouble reading through Richard Fuld's wikipedia entry and creating this persona based on it, the least you could do now is to stay in character and respond to our inquiries to the best of your abilities as if you really were him.
Now Martinghoul asked a very interesting question. So please go watch that movie and then enlighten us what would the real Dick Fuld say about his portrayal in that movie. You bet he has seen it already.
if you are dick fuld you should verify yourself im pretty skeptical as well.
anyway, any man that can take as much hurt as you did deserves some sort of credit.
relatively speaking here, you were fucking butchered to the public eye. majority of the occupy wall street losers probably know your name & bio and blame you for why everything is wrong with the world. instead of watching your testimony they shouldve watched the ascent of money by niall ferguson.
you should change your username to dont hate the player hate the game
lol
For any doubters out there, I would be curious to hear what @"Jared Dillian" has to say about this. He is a known Lehmanite and could confirm a lot of these facts.
Happy Hanukkah Mr. Fuld!
Shalom!
OP's cousin is an amazing baseball player
What is your opinion of Occupy Wall St? What about this? http://52shadesofgreed.com/9-of-diamondsdick-gorilla-fuld/
Brilliant.
Could you impersonate Jamie Dimon and George Bush next? The screen names might still be open...
Dick, you useless piece of sh1t!
You thought you could come here and talk smack about me, huh? Well, you got another think coming, you little f*ckhead!
Any time you wanna step outside, so that we can settle our difference like real men, mano y mano, you just let me know, y' hear? Of course, I am not expecting you to, 'cause you got just about as much balls as a prepubescent girl.
Hank -- We already went through this before. You know I can kick your ass and that's why you always avoid me. I am thinking of pursuing criminal charges against you though once I get through all of my other lawsuits. You completely fucked me and thousands (possibly millions) of people. I hope you feel shame. To me, you're as bad as Madoff.
I see Little Dickie is still hiding behind his lawyers... Is Little Dickie scared, 'cause he's f*ckin' with the wrong guy?
Like I said, my offer stands. You wanna piece of me, you just let me know.
This is derailing from a good discussion to a circus...I have trouble believing the real Paulson would come on here and lose his cool like this. If I'm wrong, well then that's just appalling.
Would you mind commenting on the advice dished out on this site regarding recruitment? Some have said there is plenty of misinformation floating around so what just wondering what are some advice that happen to be false?
Did you ever consider writing a memoir? The story on Lehman's rise, especially given the various challenges the firm faced, would be pretty interesting to read about. Some lessons that I'm sure can be valuable, which might be hard to get across on this board. Plus, good chance to set the record straight.
@DickFuld - You've said a lot about TARP, and the way the crisis was handled in general by the federal government and the Federal Reserve. However, what are your thoughts on the results of all this? What are your views on the regulations that have been put in place following the crisis?
I think the regulations are also stifling innovation. Things that you take for granted today, were highly innovative when developed. Early in my career, someone created the first money market fund. When you think about it, it wasn't all that long ago (40 years) and virtually everyone you know has one today. A little over ten years after the creation of money market funds, CMOs were created. Ten years after CMOs, SPDRs and credit default swaps were created. Where are the truly innovative ideas in finance right now?
The other problem is that nobody knows the rules of the game anymore, so they're playing it safe. JP Morgan was just fined for losing money! Talk about pouring salt on the wound.
I couldn't agree more. Let's not forget that these same people getting subprime mortgages were the same ones that regulators had in mind with the community reinvestment act, and that continued to evolve into something that practically encouraged the lending of money to people who could barely afford lunch at McDonald's. And these same regulators now want to distance themselves from this? It's a joke.
The J.P. Morgan situation is particularly infuriating, as you say they basically were fined for losing money. To put a finer point on it, this "fine" was brought because the government wanted to give the idea that they actually cared about JPM's shareholders. Who the hell do they think they're hurting by just taking such an obscene amount of money from the company? This incompetence, its frightening. You're fined for conducting business that is perfectly legal (and was even encouraged by legislation for decades), and yet if you make "too much" money, they will also take a confiscatory portion of that. The regulatory environment is so harsh now, I am not sure we will see any new products any time soon. Not while this administration is in office, that's for sure.
As you say, it's been almost an exponential curve connecting the points between each huge innovation in financial products. That has stalled utterly and completely. Its going to take a hell of a lot to get it going again.
So what made you choose a Microfund convention instead of WSJ to tell your story?
Respect.
Hey Dick,
What happened to Jay Knight? What instruments did he trade? What strategies did he run?
Never heard of him.
Wasn't he directly reporting to you? Didn't you let him set up an office in Miami?
This is so fucking good. Dick, if WSO isnt paying you for this, they really should be.
Thanks for all of the support from those on WSO who still believe in innovation in finance and are willing to hear the truth. To those who just believe everything that's written in the papers as gospel, I think you should take a step back and reevaluate how you interpret information that's disseminated through traditional media outlets. Not everything written is true.
But won't there always be the skeptics and the uninformed? While they're the loudest, those with whom you'd want to clear your name should, in theory, be more amenable to hearing your side of the story, right?
I could be wrong, but I believe I once read that you said that being quiet during the LTCM debacle was a mistake, as it allowed negative rumours to spread without opposition. Maybe an op-ed isn't the worst idea, because you'll at least have said your peace. And maybe now is indeed the best time, because people still care about what happened.
Don't know if you've seen House of Cards (Kevin Spacey), but one thing the protagonist, Frank Underwood, said comes to mind when reading this: "There's no better way to over power a trickle of doubt then with a flood of naked truth."
Then again, I'm young and naive, and relatively inexperienced. But in my opinion you're trying to avoid the public scrutiny you endured in 2008, which I don't think will ever go away in this technological age because people have a medium to express their opinions freely, and often use that medium to death. Life, after all, isn't fair, right? At least you get to tell your side of the story.
I dont know, Dick. I think you would do well with the younger set just based on how into popular culture you are.
Hilarious.
Seriously, how can so many people believe that this dude is the real dick fuld and actually ask questions ? Did i miss something ? Then this Paulson circus ? What the hell is going on here ?
You're the actual cringe part of this whole thing.
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