What took so long?
Here are the basics..
Now this basically goes back to June when (LEH) Lehman CFO Erin Callan, being thrown to the wolves by CEO Dick Fuld said:
The whole time investor David Einhorn was saying the opposite:
The option Fuld and Callan have here simple
1- We are grossly incompetant
2- We lied.
Simple. The firm went under. So either they were lying to try and buy it time or, they just did not really know what was going on. Callan can at least say she was “following marching orders”. Fuld…not so much.
Now, if you watch Fuld’s recent congressional testimony, it was scary. One could think that perhaps Fuld has not yet accepted is firm is gone.
There is always a fall guy(s) / gal(s) when we have these events. Fuld and Callan are going to have a real hard time, real hard, convincing a jury there were being 100% honest and that they are just incompetent….Fuld, for one, seem to prideful to take the ugly option in front of him. It just may be his downfall.
Disclosure (“none” means no position):none
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