Results tagged “richardfuld”

AIG CEO Edward Liddy will be stepping down from the troubled insurance behemoth—once a replacement can be found, natch. Liddy, whose salary was $1, became CEO last September "within hours" of the firm's bailout; CNBC explains his "mandate [was] to sell off assets to generate funds to repay taxpayers." Liddy, who weathered criticism when hundreds of millions were handed out in bonuses, is the fifth person to run the company since 2005. An analyst told Bloomberg News, "It really is a terrible job, I’m not sure who would really want it. There is so much political baggage that whoever takes over the company is going to find it an extremely difficult and thankless job." In other news, Richard Fuld announced his resignation from Lehman Brothers last night, "I believe that we have worked together effectively in achieving an appropriate transition."

Richard "Dick" Fuld, the CEO who led the once-storied Lehman Brothers into bankruptcy, was defensive when questioned by the House Oversight Committee yesterday. The NY Times reports he "blamed the news media. He blamed the short-sellers. He blamed the government, as well as what he characterized as an 'extraordinary run on the bank.'" but "never really blamed himself." Fuld did take responsibility for the collapse, and said he'd wonder for the rest of his life how he could have done something differently.