The New York Post is reporting today on the 11th hour deals Lehman Bros. CEO Dick Fuld was trying to make before the bankruptcy filing.
Apparently he made a call to a personal friend, General Electric CEO Jeff Immelt in the hopes of GE taking a huge 20% share of Lehman to keep it alive. Immelt wisely passed on that option.
And although he hasn’t been seen publicly since all this mess went down, Fuld is still going in to work everyday in the corner office on the 31st floor of the Lehman building. How does he get in there without people seeing him? Tunnels? Helicopter landing pads? Human cannonball launch through a window across the street?
The guy sounds like he’s going crazy. Does he remind anyone else of Howard Hughes in the Aviator? I can just hear Fuld shouting and repeating now, "Come in with the milk, come in with the milk, come in with the milk":
"But one Wall Street executive said, "Unless you’ve been on the 31st floor, you’d never understand what [Fuld's] been through."…
Indeed, Fuld, who at one time was described by Forbes magazine as being worth around $1 billion, has lost some $800 million. What’s more, he now finds himself having to rehabilitate his reputation as one of Wall Street’s best dealmakers." – NYP
The NY Post’s article had some interesting info but the best part was their amazing photoshop ‘Where’s Waldo Fuld’ image. Good show, chaps.
NY Post: GE Unplugged Fuld, September 25, 2008