Dick Fuld is going to be bankrupted and he’s going to spend the rest of his life

In court fighting legal battles. There maybe others forced to do the same.”

-Dick Bove of Rochedale Securities. Bove had  all nine volumes of the examiner’s report printed and bound. (Barrons <1>)

From the big picture blog...>

As it turned out, Lehman Brothers was the firm that deserve to die. The author of the book The Murder of Lehman Brothers <2> asked me to do for a review of it — I politely declined, saying his title was wrong — it wasn’t murder, it was suicide.

Turns out that was more true than I realized.

In addition to tarnishing what little name Fuld had, the tentacles of the Valukas Report are reaching to the NY Fed and Geithner, Ernst & Young, even Linklaters, a law firm in the UK that blessed Repo 105 for the British subsidiary of LEH as kosher.

As you can see by the headlines below, the breadth of Lehman stories is rather substantial. If you want to delve deeper, these are as good a place to start digging:

http://www.ritholtz.com/blog/2010/03/lehman-news-round-up/print/

Until I read this yesterday. http://www.vanityfair.com/business/features/2010/04/lehman-wives-201004

A good insight into Lehman 'culture'.

Lehman is beginning to look like Enron redux.

he a pinchfaced idiot with a chip on his shoulder or is that another Fuld-er?

Thanks. Hope he ends up in prison

:fistbump:

... but looking at the history of accountability over the last decade doesn't leave me that hopeful.

And to be honest, I doubt very much that the rest of the big IBs weren't doing the same or morally/legally equivalent things.

Should be in prison!

And plenty of lawyers to keep you out of jail.

So far, he using the "I saw nothing, I heard nothing, I knew nothing" defense. Pretty successfully so far.