by Lawrence G. McDonald The Inside, Untold Story of The Collapse of Lehman Brothers-As It's Never Been Told BeforeThe CEO and his court . . .Richard [Fuld] had even turned Lehman's board of directors into a kind of largely irrelevant lower chamber. This was yet another group to rubber-stamp his decisions and collect generous fees. It was not for supplying well-meant and lucid wisdom in the current wild marketplace but for agreeing with the monarch, accepting his all-knowing take on the bank's investments. Above all, the board was created not to rock the royal barge as it made its stately way downstream.What they didn't understand . . .Later that day, Mike confided to Larry and Alex, "Neither he [Lehman president Joe Gregory] nor our chairman [Richard Fuld] understands the dangers of securitization, the leverage in the system. They cannot understand. And they will never understand. (Check catalog)
Tuesday, August 11, 2009
A colossal failure of common sense : the inside story of the collapse of Lehman Brothers
by Lawrence G. McDonald The Inside, Untold Story of The Collapse of Lehman Brothers-As It's Never Been Told BeforeThe CEO and his court . . .Richard [Fuld] had even turned Lehman's board of directors into a kind of largely irrelevant lower chamber. This was yet another group to rubber-stamp his decisions and collect generous fees. It was not for supplying well-meant and lucid wisdom in the current wild marketplace but for agreeing with the monarch, accepting his all-knowing take on the bank's investments. Above all, the board was created not to rock the royal barge as it made its stately way downstream.What they didn't understand . . .Later that day, Mike confided to Larry and Alex, "Neither he [Lehman president Joe Gregory] nor our chairman [Richard Fuld] understands the dangers of securitization, the leverage in the system. They cannot understand. And they will never understand. (Check catalog)
