Former Lehman boss: The fallout is still two times.

Source: Internet
Author: User
Keywords Mister two times entrepreneurship
Dick Forde, former chairman and CEO of Lehman Brothers, has been struggling to say goodbye.  65-Year-old in the "Matrix counseling" hard work, do their best to use their relationships, to rebuild their reputation, to restore their lives.  Two years after Lehman Brothers filed the largest bankruptcy application in U.S. history, Dick Forde, the former chairman and CEO of the company, has been struggling to say goodbye. Fuld has kept a low profile since the Lehman storm. He resigned as CEO in November 2008, but was the new CEO and advisor to Brian Marshall of the Board of Governors until May 2009.  But his role has been quite different from the previous one, and he rarely appeared in Lehman and his nearby offices during that period. What is Fuld doing when the two anniversary of Lehman's downfall is coming? His message was less known since the bankruptcy, as usual, fuld not to be interviewed, and his New York office, home in the Sun Valley, received no response.  But he is concentrating on his small consulting investment banking business to get out of the September 2008 gloom, according to the parties. Matrix Consulting--New Career April 2009, after four months of unemployment, Fuld set up a matrix consulting firm at No. 780 Manhattan's Third Avenue. Provide consultancy services in Manhattan for financing, mergers and acquisitions. The business of the Matrix was not known for a while, but in May an obscure regulatory document revealed the secret. Fuld is the company's "Managing member and owner", according to which he spends 250 hours a month, more than 60 hours a week in the company. This document describes the matrix company as a company engaged in "executive strategy Consulting", "providing strategic advice to the customer management team and senior employees in various industries". According to Fuld, the company has only one young man and two secretaries who originally worked at Lehman. Former Lehman employees will also contact Fuld regularly ——— but the numbers are getting smaller, and they say they don't know what Fuld is doing in the matrix right now. "Sometimes he calls at seven in the morning," one of them said, "he's at work." I don't know how successful he is. I don't know the channel. But he's still working and busy. "Fuld is said to be close to IBM Chairman and CEO Palmisano. The two sons were roommates at the school of Ming Tak, and Fuld was a member of the Council of Trustees of the University of Ming-Germany until last year. He is also said to have a personal relationship with General Electric Company Chairman and C E o Immelt. A friend of Fuld recently heard that he was working for IBM, and a IBM spokeswoman confirmed that Fuld and Palmisano were good friends and offered consulting services to IBM's acquisition team. In addition, Fuld is also said to be working with a European software company. Friends are not surprised Fuld can get a variety of business, after all, he has a deep network, and personality Endeavor Strong. Someone said, "He knows how to ask for an order." "The Matrix has frequently jumped into the headlines since May, as various sources have revealed that Fuld left theThe company that has been founded will join legendary securities, a small, unnamed brokerage exchange near Wall Street. But in fact, Fuld did not leave the matrix, but he did register in legendary securities.  It may be in this way to ensure that his securities business license is valid. It's not easy for a 65-year-old man who has been earning a lot of money on Wall Street in his career. Friends in the Fuld Circle said he didn't have to work so hard to make money if it wasn't for the lavish lives of the lawyers and the legal fees left by the Lehman bankruptcy. In August 2009, he had to sell his new apartment, 6000 sq. ft., No. 640 Manhattan Park Avenue, to one of Dell's M SD fund founders, Glenn Forman ——— sold 25.87 million dollars, He spent about 4 million more than he bought in 2007 (Fuld lives in Greenwich Home, commuting to work). Two months after Lehman filed for bankruptcy, Fuld also sold a rare painting of his wife's collection for sale at 2 million. Fuld is said to have violated the Shangmingde College's commitment to donate 50 million of dollars. According to a person close to the school principal, Fuld told the headmaster that he was 100 million dollars at the time and could not practise his promise. A Ming Tak College official said Fuld "did not renege on his commitment to a formal donation," but may have changed his mind on an informal donation, saying that Fuld is, in any case, a "very good trustee and a generous man." "There are a lot of real estate in the Fuld, excluding 45 million dollars from the sale of assets." Reuters correspondent Baldwin's Idaho State Residence is a luxurious villa located on the riverside of the Great Wood River, several houses surround a main residence. He had a small cottage on the lake of Patty, an hour's drive north of Camden. In total, Fuld has 15 real estate in the vicinity of the Sun Valley, with a total area of 76 acres. According to the Idaho State Brian County Assessment Office, its total value is as high as 23.28 million dollars. Fuld also owns a mansion in Greenwich, with nine bedrooms and a guest room, covering 12 acres. He bought it in 1992 at a price of 7.3 million dollars and could easily be doubled today. They also own a 5-bedroom, 3-3-acre mansion on Jupiter Island in Florida, which was purchased in 2004 at a price of 13.75 million dollars. It is reported that the mansion has been demolished and rebuilt. The house has a tax of up to 200,001 years. (In November 2008, fuld the property to his wife's name, he explained afterwards that she had auctioned off her own paintings in order to balance the assets between husband and wife.)  How much money does he have?  How much money Fuld actually is still a mystery ——— and controversial. In 2007, he received 34 million and 29 million of billions of dollars, respectively, into the now worthless Lehman shares. He also directly or indirectly owns 10.85 million of billions of dollars in Lehman shares, at a time close to $1 billion trillion, but is now equally worthless (about 2.1 million of the shares used in the Lehman Brothers bondAccount. On the day of filing for bankruptcy, Fuld sold 3 million shares at a price of 20 cents per share. benefited about 600,000 dollars.  He then sold another 287,000 shares at a price of 7 cents per share. To talk about the Fuld stock gains of the past ten years, it is more changeable. In public, Fuld struggled to shrink his earnings at Lehman. In October 2008, at a congressional hearing a few weeks after the collapse of Lehman, Fuld and chairman of the House Oversight Committee, Henry Wecksman, expressed their disagreement. Waxman out a chart showing the Fuld earning 484 million dollars from 2000 to 2007. Fuld denied the data, claiming that his salary was close to 310 million. Then he conceded that it should be close to 350 million. But the truth is that he's got more money.  And when he left, he got more than Waxman mentioned, and pulled more than 500 million dollars in cash. Lehman was not finished in June 2008, but when the problem became grim, fortune calculated that Fuld sold 482 million of billions of dollars of Lehman shares from 2000 to 2007.  Last year, a team at Harvard Law School published a study showing that Fuld cashed 461 million of billions of dollars in Lehman shares and received a cash dividend of $61.6 million between 2000 and 2007. Oliver Bade, a former vice-president of Lehman, was in charge of drafting part of the Lehman market in Lehman and resigned in February 2006. He claimed that Fuld had earned 529.4 million dollars during that period, and spent $469 million on cash through stock sales. This is what he posted in a two-page email from the Securities and Exchange Commission in April 2008, which Bloomberg Businessweek got this year in April. Fuld's lawyer, Patricia Heins, responded to Bloomberg Businessweek, saying: "The Legal Counsel's study found that Bud's claim had no legal basis." "Bud insists that he is right:" I have no doubt that I am right. That kind of mathematical calculation. "Bud agrees with other former Lehman executives: Although Fuld has taken a lot of money away from the company, he may indeed have had financial difficulties. He referred to Fuld's possible gains in Lehman's shares when margin was added, but its value was lost in 2008. He and former Lehman President Chow Gregory in the summer of 2008, turning their illiquid shares in Lehman's private equity funds into millions of of cash. Bud also suspected that Fuld eventually exhausted the company's insurance premiums, which were spent on his litigation fees.  In fact, legal fees are increasing: on July 27, Weil law firm filed an application to attach additional insurance policies to the legal costs of Lehman's executives, so the company's legal bill reached 55 million dollars by October. There is no doubt that Fuld must learn how to live frugally. The three jets owned by Lehman have now been sold out. He began travelling on business flights to and from Sun Valley and Saturn Island. "He hasn't been on a business flight in 20 years," he said. "In Business aviationSaid a company executive in the class who met Fuld. [Page] The former Lehman man, who still had a long life with Fuld, said he was now experiencing a "fighting phase" that denies everything or takes responsibility. The people around him said he thought he was blamed for not finding a buyer for Lehman in the summer of 2008, after all, Bear Stearns was successfully bought by JPMorgan. The man defending him said Fuld was willing to take responsibility for what had happened, but his lawyer Haines did not allow him to do so. Another former Lehman executive thought Fuld was misunderstood. "Dick is a good man," he said, "he is really a good man." I watched him grow up. People's description of him is far from his own. "In addition to the days of the Matrix, Fuld was forced to constantly justify himself in the last years of Lehman's management." Fuld's days were worse after a 2200-page report was published by the court-appointed bankruptcy supervisor Andong Volux. The 18-month report says Lehman executives wiped out 50 billion of billions of dollars of assets from their balance sheets through the latest repo 105 accounting practices. Fuld said he had no knowledge of the technique.  But Valukas said he had witnesses who testified to discuss the deal with Fuld ——— and that he had documents to prove it. Valukas's report is a lawsuit guide for lawyers preparing to sue Fuld and Lehman.  In fact, in the testimony, Valukas said that when he wrote his report, the ——— of all the parties involved in the investigation of Lehman's company ——— including the Securities and Exchange Commission and the three U.S. lawyers investigating the case, were guaranteed to keep them informed. Fuld himself has been too busy with lawsuits due to bankruptcy. According to a document he filed with regulators in May, he has been implicated in 20 cases, including a class action lawsuit by former Bond and equity holders in the Southern District of New York, accusing Lehman and its senior officials of raising 31 billion of billions of dollars by using documents containing the "untrue statement of Lehman's financial position and omitting important facts". Lehman Brothers Holdings and Barclays also had unresolved litigation disputes. When Lehman filed for bankruptcy, Barclays acquired Lehman's investment banking and securities business in North America, but the two sides sued for interest. Lehman's bankruptcy consortium wants billions of dollars in compensation to be repaid to creditors.  Although Fuld's name was also mentioned, he was not summoned to appear before the court. Indeed, for the foreseeable future, Fuld's life will be filled with repeated testimonies explaining what he did in Lehman's last years. At the same time he worked the Matrix, doing his best to make use of his relationship, rebuild his reputation and restore his life. When asked if Fuld was happy, a friend of his side hesitated and then said, "story." It seems the gorilla needs more hugs.
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