Expulsion From the Garden of EdenThe Times runs an article today on Lehman's Fall. Other than a sobering tale of Dickie Fuld's last days as he frantically sought to find a savior for his company I'm not sure what to take away from the story. But here's what struck me: the article concludes with an interview with a Riverside resident who fell when his employer did. I looked up the man's address and, though I have no interest in disturbing his privacy I'm comfortable saying that he lives in a nice neighborhood but nothing at all like Fuld's. The poor guy, still shell shocked, learned last week that Lehman was immediately cancelling his severance pay and health benefits, no doubt so that Fuld could continue to pay his landscaping fees. "This is wrong, and I can't stand for it," he fumed. "They need to just do the right thing."
Livvy Floren weeps. Having witnessed how Merrill Lynch treated my own father when it took over White, Weld & Co., I (a) shed no tears at its demise and (b) would caution this Lehman ex-employee not to hold his breath while waiting for Fuld et als to do the right thing.
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3 comments:
He should get together with the other 1,000 Lehman employees who were fired just days before bankruptcy (meaning he isn't a creditor who may get paid something) and try to get something done. Lehman doesn't control this ship anymore; and even if it did, it doesn't sound like they did the right thing at any time.
Fuld misread and mistimed the market. The firm was sinking and he thought he had more time (despite the fact that he had been turned down repeatedly, because he was asking too much).
Personally, I believe the government and Federal Reserve underestimated the psychological impact of Lehman going under, because it froze the credit markets completely.
CEA
Chris - Last week, you wrote a post called "Angry People" wondering why everyone in town is so angry....doesn't this story much sum it up???
Yup.
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