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Richard S. Fuld Jr.

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534:, the official court-mandated investigation into the Lehman bankruptcy, concluded that "While the business decisions that brought about the crisis were largely within the realm of acceptable business judgement, the actions to manipulate financial statements do give rise to 'colorable claims', especially against the CEO and CFOs but also against the auditors. In the opinion of the Examiner, 'colorable' is generally meant to mean that sufficient evidence exists to support legal action and possible recovery of losses." "Regarding liquidity, throughout 2008 Lehman made false claims of having billions of dollars in available cash to repay counterparties when in reality, significant portions of the reported amounts were in fact encumbered or otherwise unavailable for use. On September 12, 2008, two days after reporting $ 41 billion in liquidity, true available funds totaled only $ 2 billion." Lehman filed for bankruptcy on September 15. 44: 348:, a period where the firm's share price dropped to $ 12 in 1998. Lehman had a yearly loss of $ 102 million in 1993, but after Fuld became CEO the firm had 14 straight years of profits, including $ 4.2 billion in 2007, although in 2008 it reported a Q2 loss of $ 2.8 billion and filed for bankruptcy later that year. Similar to the fall of 501:, Larry McDonald—a senior Lehman Brothers trader in the years leading up to the crash—wrote that Fuld's "smoldering envy" of Goldman Sachs and other Wall Street rivals led him to ignore warnings from Lehman executives about the impending crash and that Fuld insisted the firm's chief risk officer leave the boardroom during key discussions. 485:, then-head of the Investment Banking Division, had earlier disagreed with COO Joseph M. Gregory's appointment of one of his subordinates, Erin Callan, as CFO. On June 11, 2008, McGee organized a meeting of the firm's senior bankers, who forced Fuld to demote Callan and Gregory. Gregory's replacement as president and COO was 493:
magazine's account also stated that Fuld was desperately searching for a buyer during the summer and even offering to step aside as CEO to facilitate the sale of the firm, being quoted as saying, "We have two priorities, that the Lehman name and brand survive and that as many employees as possible be
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was appointed president and COO in 2002. Bradley Jack and Gregory were appointed co-COOs in 2002, however Jack was demoted to the Office of the chairman in May 2004 and departed in June 2005 with a severance package of $ 80 million, making Gregory the sole COO and president. Along with CFO Erin
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Fuld had a succession of "number twos" under him, usually titled as president and chief operating officer. T. Christopher Pettit served until November 26, 1996, when he lost a power struggle with his deputies, likely brought about after Pettit had a mistress, which violated Fuld's unwritten rules on
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By July 2015, Matrix Advisors, led by Fuld, had grown to about two dozen employees. The firm focuses on small and medium-sized enterprises, advising clients on a range of matters, from opening product distribution channels to completing mergers and acquisitions, and sourcing private equity and
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officer came to an end when he got into a fistfight with an upperclassman cadet commanding officer. He said he had been defending another young cadet who was being taunted by the senior cadet. Fuld then began his career with Lehman Brothers in 1969, the year the firm's senior partner
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Fuld was said to have underestimated the downturn in the US housing market and its effect on Lehman's mortgage bond underwriting business. Fuld was already the longest-tenured CEO on Wall Street and kept his job as the subprime mortgage crisis took hold, while CEOs of rivals like
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regarding the causes and effects of the bankruptcy of Lehman Brothers. During the testimony, Fuld was asked if he wondered why Lehman Brothers was the only firm that was allowed to fail, to which he responded: "Until the day they put me in the ground, I will wonder."
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Overall, Fuld received nearly half a billion dollars in total compensation from 1993 to 2007. In 2007, he was paid a total of $ 22,030,534, which included a base salary of $ 750,000, a cash bonus of $ 4,250,000, and stock grants of $ 16,877,365. According to
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for having received $ 34 million in 2007 and $ 40.5 million in 2006, the last two years before his bank's failure. The total compensation he received from 2000 until the bankruptcy was $ 484 million
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As of 2018, Fuld remained critical of the government's decision not to bail out Lehman despite bailing out other financial firms in distress. Fuld reserves his most pointed criticisms for his longtime rival,
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argues that Lehman had ample collateral to justify a U.S. government loan that would have staved off bankruptcy, rejecting statements from former officials that such a bailout would have been illegal. The
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Fuld was criticized for not completing several proposed deals, either a capital injection or a merger, that would have saved Lehman Brothers from bankruptcy. Interested parties had included
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venture capital funding. By 2016, Matrix Private Capital LLC had $ 100 million in assets under management from 18 families. By November 2017, the company had expanded by opening offices in
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Fuld worked for Lehman for nearly 40 years. During this time, Fuld witnessed and participated in numerous evolutions within the organization, including its merger with
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On November 10, 2008, Fuld transferred his Florida mansion to his wife Kathleen for $ 100. They had bought it four years earlier for $ 13.75 million.
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and its ultimate spin-off from American Express in 1994, once again as Lehman Brothers. Once public, the new company traded under the stock ticker LEH.
1609: 1362: 1500: 2324: 2039: 583:. By 2018, almost all claims brought against Lehman since the bankruptcy had been resolved (with $ 4.1 billion remaining from $ 1.2 trillion). 571:. The property was estimated to sell for $ 30 to $ 50 million in August 2015, but sold at an auction in September for just over $ 20 million. 2329: 650:, a position he ceased holding shortly before the bankruptcy of Lehman Brothers. He is a member of the International Business Council of the 552:(FINRA) as employed by Legend Securities, a securities brokerage and investment banking firm in New York. Fuld left the firm in early 2012. 1435: 1102: 979: 489:. Although Fuld remained CEO in title, it has been said that a management coup had taken place and the person in charge then was McDade. 2309: 2304: 1709: 519:
of New York as well as the District of New Jersey, related to the alleged securities fraud associated with the collapse of the firm.
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Fuld earned a BA from the University of Colorado and an MBA from New York University's Stern School of Business.
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magazine named Fuld America's top chief executive in the private sector. That same year in December, Fuld told
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on September 15, 2008, and subsequently announced the sale of major operations to parties including
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In March 2009, Fuld sent out an email stating that he had joined Matrix Advisors in New York City.
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were forced to resign. In addition, Lehman's board of directors, which included retired CEOs like
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magazine had a different view on Fuld's last three months as CEO before the firm's bankruptcy.
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marriage and social etiquette. This president and COO position would remain vacant until
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named Fuld as one of the "Ten Most Wanted: Culprits of the Collapse" regarding the
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In 2006, Fuld was named No. 1 CEO in the Brokers & Asset Managers category, by
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The Fed and Lehman Brothers: setting the record straight on a financial disaster
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The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster
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Committee Holds Hearing on Causes and Effects of the Lehman Brothers Bankruptcy
1687: 1667: 1501:"Dick Bove: Lehman (LEH) CEO Fuld Hopeless, Hostile Takeover At $ 20 Per Share" 1236: 1039: 579:, who ran Goldman Sachs Group Inc. before heading the U.S. Treasury during the 461: 293: 2263: 1875: 1072:. London, UK: John Murray (Publishers), An Hachette UK Company. p. 206. 576: 457:, were reluctant to challenge Fuld as the firm's share price spiraled lower. 438: 426: 422: 310: 248: 211: 741:
Schlager, N.; Torrado-Caputo, V.; Mazurkiewicz, M.; Schlager Group (2005).
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In October 2008, Fuld was among 12 Lehman Brothers executives who received
469: 434: 349: 198:. Fuld held this position from 1 April 1994 after the firm's spinoff from 2121: 1914:"Richard Fuld building career in wealth management 10 years after Lehman" 1577: 1364:
Called to Account: Financial Frauds that Shaped the Accounting Profession
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Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits
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but was removed from the Board following the Lehman Brothers bankruptcy.
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and the Business Council. He also serves on the Board of Trustees of
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In December 2008, Fuld was given the "Lex Overpaid CEO" award of the
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Fuld was the longest-tenured CEO on Wall Street at the time of the
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and developed a reputation as an accomplished fixed income trader.
252: 235:". Fuld was nicknamed "the gorilla" for his intimidating presence. 980:"Dick Fuld's Old Boarding School Builds a Trading Floor Classroom" 1961: 1664:"Lehman Executives Including Fuld Subpoenaed, New York Post Says" 720:
was released, depicting a bank loosely based on Lehman Brothers.
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Also in mid-2015, Fuld put up for auction his 71-acre estate in
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United States House Committee on Oversight and Government Reform
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portrayed "John Tuld", a character inspired, in part, by Fuld.
2136:"Lehman Brothers Boss Defends $ 484 Million in Salary, Bonus" 1892:"Inside Ex–Lehman Boss Dick Fuld's New Firm, Matrix Advisors" 365:
Callan, Gregory was demoted on June 12, 2008 and replaced by
227:'s "25 People to Blame for the Financial Crisis" list and in 2226:"'Margin Call': A Financial-Crisis Film That's on the Money" 1390:"Nicholas D. Kristof: $ 17,000 an hour. No success required" 1428:"Where Is Dick Fuld Now? Finding Lehman Brothers' Last CEO" 406: 393:
list of the 30 best CEOs and was dubbed "Mr. Wall Street".
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Vanity Fair: "Lehman's Desperate Housewives" By Vicky Ward
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in connection to three criminal investigations led by the
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American chief executives of financial services companies
1990:"Branded a Villain, Lehman's Dick Fuld Chases Redemption" 1964:"Branded a Villain, Lehman's Dick Fuld Chases Redemption" 1638: 693: 676: 646:
Fuld at one time served on the board of directors of the
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magazine. In 2007 he received a $ 22 million bonus.
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program and was president of the school's chapter of the
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Zuckerman, Justin Baer and Gregory (September 6, 2018).
1941:"Ex-Lehman CEO Richard Fuld to auction off Idaho estate" 384:, "as long as I am alive this firm will never be sold." 1962:
Justin Baer and Gregory Zuckerman (September 6, 2018).
1036:"Fuld's Subprime Bets Fueled Profit, Undermined Lehman" 643:'s "25 People to Blame for the Financial Crisis" list. 1767:"Lehman's Fuld sold Florida mansion to wife for $ 100" 1232:
Risk Management, Speculation and Derivative Securities
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parents, the son of Richard Severin Fuld Sr. He is a
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Fuld was initially praised for handling the initial
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New York University Stern School of Business alumni
1727:"Lehman's Fuld to testify at congressional hearing" 1034:Peter Robison; Yalman Onaran (September 15, 2008). 494:saved and you'll notice our priority isn't price". 202:until 15 September 2008. Lehman Brothers filed for 2109: 909:"Lehman CEO Fuld's hubris contributed to meltdown" 887:, ac360.blogs.cnn.com; accessed February 27, 2014. 822: 820: 265:He received both a B.A. and B.S. in 1969 from the 1610:"Prosecutors subpoena ex-Lehman CEO Richard Fuld" 2261: 2157:Lehman Chief: Subprime's End-Near; Pain-Not Over 2071:Lehman CEO Fuld's hubris contributed to meltdown 1639:Emily Anderson; Chuck Hadad (October 17, 2008). 1498: 1607: 817: 744:International directory of business biographies 658:. He was also on the board of directors of the 602: 522:On October 6, 2008, Fuld testified before the 251:of professional baseball player and executive 2166: 1550: 1207: 1205: 926:trader Dick morphed into banker CEO Dick Fuld 903: 901: 899: 897: 895: 893: 856:"25 People to Blame for the Financial Crisis" 2250:Reference for Business – Richard S. Fuld Jr. 2172: 1741:"Lehman's Fuld: Where was our U.S. bailout?" 1470:"Top 10 lessons from Lehman Brothers fiasco" 1815:"Dick Fuld Re-Emerges at Legend Securities" 1738: 1388:Kristof, Nicholas D. (September 18, 2008). 705:Fuld also appeared in the 2010 documentary 369:, who would see Lehman through bankruptcy. 262:, where he gained his high school diploma. 2300:Businesspeople from Greenwich, Connecticut 2038:: CS1 maint: location missing publisher ( 1789:"Lehman Brothers' Dick Fuld Has a New Gig" 1419: 1202: 890: 714:In October 2011, a theatrical film titled 42: 1987: 1467: 1414:"CEO Compensation for Richard S. Fuld Jr" 1265: 1263: 1027: 468:. Fuld was said to have played a game of 69:1 April 1994 – 15 September 2008 1739:Fitzgibbons, Patrick (October 7, 2008). 1661: 1569: 1448: 1360: 1295: 1183: 1158: 1133: 548:In May 2010, Fuld was registered by the 537: 407:Lehman Brothers bankruptcy and aftermath 2124:from the original on December 11, 2022. 2086:. CNN. October 10, 2008. Archived from 1889: 1764: 1641:"Former Lehman Brothers CEO subpoenaed" 1387: 1228: 550:Financial Industry Regulatory Authority 515:'s offices in the Eastern and Southern 14: 2262: 1938: 1260: 1092: 977: 850: 848: 808:Lehman files for Chapter 11 bankruptcy 344:. Fuld had steered Lehman through the 2330:Wilbraham & Monson Academy alumni 2325:University of Colorado Boulder alumni 1871:"Fuld: I'm not built for Street life" 1425: 1300:. McGraw-Hill Education. p. 76. 1188:. McGraw-Hill Education. p. 85. 1163:. McGraw-Hill Education. p. 29. 1138:. McGraw-Hill Education. p. 26. 1067: 734: 665: 231:'s "Ten Most Wanted: Culprits of the 2013: 1608:David B. Caruso (October 17, 2008). 1524: 1499:Jonathan Kennedy (August 22, 2008). 1449:Anderson, Jenny (October 28, 2007). 1426:Green, Joshua (September 12, 2013). 1269: 1211:Fishman, Steve (November 30, 2008). 304:Fuld's first potential career as an 271:Naval Reserve Officer Training Corps 1765:Adegoke, Yinka (January 26, 2009). 1551:Steve Fishman (November 30, 2008). 955:. February 28, 2011. Archived from 862:. February 11, 2009. Archived from 845: 421:well, better than any of the other 24: 1573:A Colossal Failure Of Common Sense 1337:"Bleeding Green: The Fall of Fuld" 1093:Bawden, Tom (September 16, 2008). 499:A Colossal Failure Of Common Sense 320: 25: 2351: 2310:American chief operating officers 2305:Businesspeople from New York City 2243: 2173:Ebert, Roger (October 13, 2010). 1296:Williams, Mark (April 12, 2010). 1184:Williams, Mark (April 12, 2010). 1159:Williams, Mark (April 12, 2010). 1134:Williams, Mark (April 12, 2010). 624:; he was placed 9th on the list. 2228:. The Atlantic. October 31, 2011 1716:(PDF) Retrieved October 6, 2008. 1525:Ward, Vicky (October 20, 2009). 1011:. April 27, 2001. Archived from 747:. Vol. 2. St. James Press. 682:The Last Days of Lehman Brothers 648:Federal Reserve Bank of New York 387:In March 2008, Fuld appeared in 2218: 2192: 2150: 2128: 2102: 2076: 2064: 2046: 2007: 1981: 1955: 1932: 1906: 1890:Delaney, Jess (July 20, 2015). 1883: 1863: 1837: 1807: 1781: 1758: 1732: 1719: 1700: 1681: 1655: 1632: 1601: 1563: 1544: 1527:"Lehman's Desperate Housewives" 1518: 1492: 1461: 1442: 1407: 1381: 1354: 1329: 1314: 1289: 1272:"Lehman's Desperate Housewives" 1222: 1177: 1152: 1127: 1109: 1086: 1061: 997: 971: 949:"Tampa Bay Rays news and notes" 941: 930: 919: 586:In a 2018 book on the subject, 277:fraternity. Fuld completed his 269:, where he participated in the 1939:Garcia, Ahiza (July 8, 2015). 1821:. May 14, 2009. Archived from 1009:University of Colorado Boulder 878: 801: 791: 780: 768: 688:Richard Fuld was portrayed by 671:Richard Fuld was portrayed by 656:New York-Presbyterian Hospital 267:University of Colorado Boulder 260:Wilbraham & Monson Academy 13: 1: 2073:, Reuters, September 14, 2008 2018:. Cambridge, United Kingdom. 1662:Joe Sabo (October 17, 2008). 978:Carney, John (June 4, 2009). 937:Lehman's Desperate Housewives 728: 622:financial crisis of 2007–2008 581:financial crisis of 2007–2008 413:Bankruptcy of Lehman Brothers 342:financial crisis of 2007–2008 238: 2285:American corporate directors 1918:Private Banker International 1394:International Herald Tribune 7: 2054:"Best CEO's Expanded Table" 603:Accolades and directorships 346:1997 Asian Financial Crisis 313:died. Fuld started trading 10: 2356: 2335:21st-century American Jews 2295:20th-century American Jews 2290:American financial traders 2084:"Culprits of the Collapse" 2014:Ball, Laurence M. (2018). 1849:The Financial Investigator 1729:retrieved October 3, 2008. 1690:Retrieved October 6, 2008 1361:Clikeman, Paul M. (2019). 1270:Ward, Vicky (April 2010). 1229:Poitras, Geoffrey (2002). 885:"Culprits of the Collapse" 597:Report of Anton R. Valukas 532:Report of Anton R. Valukas 410: 2120:: 12. December 22, 2008. 1845:"Dick Fuld's New Friends" 299: 182: 174: 146: 138: 130: 106: 101: 97: 85: 73: 62: 54: 50: 41: 34: 1894:. Institutional Investor 1712:August 26, 2009, at the 1694:October 9, 2008, at the 1570:McDonald, Larry (2009). 1553:"Burning Down His House" 1213:"Burning Down His House" 449:'s Christopher Gent and 419:subprime mortgage crisis 287:Stern School of Business 189:Richard Severin Fuld Jr. 111:Richard Severin Fuld Jr. 1793:The Wall Street Journal 1612:. Associated Press via 381:The Wall Street Journal 2315:Lehman Brothers people 2138:. ABC. October 6, 2008 2058:Institutional Investor 1725:Bill Berkrot, Reuters 1438:on September 13, 2013. 1432:Bloomberg Businessweek 1105:on September 17, 2008. 610:Institutional Investor 513:United States Attorney 466:Korea Development Bank 400:Bloomberg Businessweek 375:Institutional Investor 151:University of Colorado 55:Chairman & CEO of 1825:on September 18, 2010 1068:Roose, Kevin (2014). 915:. September 14, 2008. 660:Robin Hood Foundation 538:After Lehman Brothers 483:Hugh "Skip" McGee III 329:, its acquisition by 204:bankruptcy protection 2111:"Overpaid CEO award" 1920:. September 11, 2018 1879:. February 24, 2012. 1320:Ward, Vicky (2010). 1117:"Richard S. Fuld Jr" 953:St. Petersburg Times 866:on February 15, 2009 814:, September 15, 2008 652:World Economic Forum 292:Fuld is a member of 2200:"All That Glitters" 2090:on October 12, 2008 2060:. January 22, 2007. 1994:Wall Street Journal 1968:Wall Street Journal 1620:on October 31, 2008 1474:The Journal Gazette 1121:Wall Street Journal 1046:on January 18, 2013 327:Kuhn, Loeb & Co 283:New York University 178:$ 22,030,534 (2007) 164:New York University 134:Kathleen Ann Bailey 126:New York City, U.S. 36:Richard S. Fuld Jr. 2206:. October 31, 2011 1455:The New York Times 1323:The Devil's Casino 1123:. August 31, 2014. 666:In popular culture 637:Fuld was named in 333:, its merger with 221:Fuld was named in 92:Position Abolished 2179:Chicago Sun-Times 2025:978-1-108-37286-2 1587:978-0-12-558822-5 1480:on March 28, 2010 1374:978-0-429-83078-5 1307:978-0-07-163829-6 1298:Uncontrolled Risk 1246:978-0-12-558822-5 1195:978-0-07-163829-6 1186:Uncontrolled Risk 1170:978-0-07-163829-6 1161:Uncontrolled Risk 1145:978-0-07-163829-6 1136:Uncontrolled Risk 1079:978-1-47361-161-0 1007:(Press release). 754:978-1-55862-557-0 616:In October 2008, 569:Sun Valley, Idaho 497:In his 2009 book 362:Joseph M. Gregory 243:Fuld was born to 216:Nomura Securities 186: 185: 80:Peter G. 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Index

Richard Fuld

Lehman Brothers
Peter G. Peterson
Position Abolished
University of Colorado
BA
BS
New York University
MBA
investment bank
Lehman Brothers
American Express
bankruptcy protection
Chapter 11
Barclays Bank
Nomura Securities
Time
CNN
Collapse
Jewish
second cousin
Sam Fuld
Wilbraham & Monson Academy
University of Colorado Boulder
Naval Reserve Officer Training Corps
Alpha Tau Omega
M.B.A.
New York University
Stern School of Business

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