Mr Fuld joined Lehman Brothers in 1969 and has never worked for another firm since. He started as a commercial paper trader, slowly rising through the ranks to become the Chairman and Chief Executive Officer. In 2006, Mr Fuld was named the number one CEO in the Broker’s and Asset’s Managers category and received a $22 million bonus in 2007(1).
It just does not make sense. How can a man, who has worked for Lehman for 39 years and is of high business intelligence, not take preventative and protective measures to save his company in time? His work employed thousands of people and made many of them very wealthy. Was he not looking out for the best interests of his company and his colleagues? Mr Fuld was so concerned with his own earning potential that he wrapped himself in a cocoon and ignored the trouble his company was in until it was too late.
(1) http://www.nytimes.com/2008/09/18/opinion/18kristof.html?_r=1&em&oref=slogin

As early on as March 2008, people were warning Dick Fuld and his company of the potential dangers that could devastate Lehman. Erin Callan, who was the chief financial officer at the time, was warned of the dangers in March(1). So why did Mr Fuld not take any action? Lehman Brothers was in the position where it would not have been difficult to take preventative measures. It is not as if the bankruptcy came out of nowhere and Mr Fuld left helpless. Despite sale negotiations beginning in August, with firms such as Blackstone (the private equity group) and BlackRock (the fund manager) nothing was enough to save Lehman from disaster. Had he acted sooner, he would have been able to avoid bankruptcy. A series of interested buyers surfaced in recent months, but Mr Fuld would not sell at the prices offered. By the time he appeared to face up to the situation at the end of last week, it was too late: Lehman was past the point of no return.
(1) http://evnucci.wordpress.com/2008/09/16/12-crisis-management-lessons-from-lehman-brothers/

The real losers of the collapse of Lehman Brothers were the 25,000 workers and their families. Mr Fuld paid many of them healthy salaries and ensured job satisfaction for all. Yet so many of them believe he is the one to blame. Not only do they face a most uncertain future, but those who hold jobs where 75-80 per cent of their salary comes in share-based bonuses will be left with next to nothing. And given the state of the financial market, getting a job elsewhere won’t be easy either. Gawkers – Lehman employees among them – are paying a poster’s artist $1 to write a comment around Fuld’s severe-looking mug. The comments are unforgiving: “Crooks”… “Greed and power it was”… “I hope his villa is safe.”(1)
(1) http://postcards.blogs.fortune.cnn.com/2008/09/15/wheres-dick-fuld/