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Lehman CEO`s overconfidence may have led to the meltdown
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Lehman CEO`s overconfidence may have led to the meltdown
<img src=http://www.lehman.com/images/who/global/asia_pacific_1.jpg>
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion. NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
Source:
http://timesofindia.indiatimes.com/Business/Lehman_CEOs_overconfidence_led_to_it
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion. NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
NEW YORK: Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone`s worst nightmare" he was referring to a massive fraud at French bank Societe Generale.
Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt crisis of 1998, is living his own worst nightmare as the venerable investment bank stands on the verge of collapse.
How the 158-year institution came to this is a tale of hubris and overreachingâand a big dose of bad luck. Lehman`s fall from grace was brutally fast. Until June, it had never even reported a quarterly loss as a public company. As recently as March, Fuld was awarded a $22 million bonus for 2007 â a generous pay package to be sure, but one that also reflected a year in which the bank`s net profit had risen 5% to a record $4.2 billion.
Source:
http://timesofindia.indiatimes.com/Business/Lehman_CEOs_overconfidence_led_to_it
