Richard S. Fuld Jr.

From MarketsWiki
Jump to navigation Jump to search



Richard S. Fuld, Jr.
Richard Fuld.jpg
Occupation Banker

Richard S. Fuld, Jr. has spent many years as an executive in the banking industry. He was chairman of the board of directors of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. starting in 1994 and chief executive officer of the company since 1993. [1] He was also chairman of Lehman Brothers' executive committee. He was at the helm when Lehman Brothers filed for bankruptcy protection under Chapter 11 on Sept. 15, 2008, and subsequently announced a sale of major operations to parties including Barclays Bank and Nomura Securities.

Fuld was known as "The Gorilla of Wall Street" for his intimidating presence.[2]

When he was CEO of Lehman, he sat on the board of the Federal Reserve Bank of New York and was a member of the International Business Council of the World Economic Forum, as well as a member of the executive committee of the board of directors of The Partnership for New York City.

He also was on the board of trustees of Middlebury College and New York-Presbyterian Hospital and the board of directors of the Robin Hood Foundation.

He started a small consulting firm, Matrix Advisors LLC, in April 2009.[3] In 2014 the firm launched a licensed real estate brokerage.[4]

Background[edit]

Fuld joined Lehman Brothers after college and spent 38 years there. He was president and chief operating officer of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. from 1993 to 1994. He was president and co-chief executive officer of the Lehman Brothers Division of Shearson Lehman Brothers Inc. from 1990 to 1993. He was a vice chairman of Shearson Lehman Brothers from 1984 until 1990, steering it through the Asian debt crisis of 1998. He was a director of Lehman Brothers Inc. beginning in 1984. He joined the company in 1969.

Education[edit]

Fuld received his B.A. from the University of Colorado and his MBA from the New York University Stern School of Business.

Aftermath[edit]

Fuld kept a low profile after the financial crisis. He reappeared in the headlines on September 1, 2010 when he testified in front of the Financial Crisis Inquiry Commission. [5] During the questioning, Republican Representative John Mica of Florida told him, "If you haven’t discovered your role...you’re the villain.” [6]

In May 2015 he surfaced to address a crowd of more than 1,500 people at the Grand Hyatt hotel in Midtown Manhattan as the keynote lunch speaker at the 2015 Marcum MicroCap Conference. In his speech he said that he had "no regrets" and mostly blamed the government and central-bank policy, along with irresponsible borrowers, for the 2008 crisis. He also argued that Lehman was “mandated into bankruptcy” and could have survived the credit crunch. [7]

References[edit]