Former CEO Blames Bad Regulations For Bank Failure

Dick Fuld, the chief executive who led Lehman Brothers to the largest corporate collapse in modern times, has defended the failed investment bank’s culture.
He insisted Lehman was a victim of wider market excesses and regulatory failings in his first public speech since the banking crash of 2008.
Fuld, who was paid $485 million in salary, bonuses and options between 2000 and 2007, also attempted to respond to criticisms that Lehman had not been good at assessing risks.

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