Lehman's Fishy Accounting: Have We Learned Anything?

It wasn't Dick Fuld's fault. No, not at all. How could anyone stop a financial tsunami? That's the audacious argument posed by Harvey Miller, lead bankruptcy attorney for the firm Weil Gotshal and advocate extraordinaire in mounting the first vigorous public defense of Dick Fuld, the widely discredited former CEO of Lehman Brothers. Miller effectively tries to absolve Fuld, his client, of any and all blame for the demise of the 158-year-old investment bank.

Sources tell FBN’s Charlie Gasparino that former Lehman Brothers (LEHMQ) CEO Dick Fuld is saying that SEC charges against the firm will come in September.

Wall Street critics often say that compensation should be in long-term restricted stock so that managers and employees do not have the incentive to take excessive risk, make big money in good years, deposit the cash in their bank account, and then escape to their private islands when their bets blow up the next year. Wall Street defenders like to point to Dick Fuld, who supposedly lost $1 billion by holding on to Lehman Brothers stock that eventually became worthless. You don’t get more of a long-term incentive than that, the argument goes.

Wall Street Cheat Sheet submits: Get this straight America: Lehman Brothers CEO Dick Fuld was the captain of a ship intentionally carrying highly explosive cargo, and when the boat exploded it was our fault. Yes. This and much more crap can be found in the prepared testimony (AKA, $1000/hr spin and lies) of Dick Fuld for today’s hearing in front of the Financial Crisis Inquiry Commission.

Ever since Lehman Brothers imploded and filed for the largest bankruptcy in history nearly two years ago, the firm's former chairman and CEO, Dick Fuld, has been a little on edge.

FBN’s Charlie Gasparino is reporting that former Lehman Bros (LEHMQ) CEO Dick Fuld is looking to make a comeback. Gasparino has learned that Fuld is looking to hire people at his consultancy firm, Matrix Advisors but is having a difficult time.