Richard S. Fuld Jr.: Difference between revisions
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{{Infobox Person |
{{Infobox Person |
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|name = Richard Severin Fuld, Jr. |
|name = Richard Severin Fuld, Jr. |
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* [http://www.lehman.com Lehman Brothers] |
* [http://www.lehman.com Lehman Brothers] |
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* [http://www.referenceforbusiness.com/biography/F-L/Fuld-Richard-S-Jr-1946.html Reference for Business - Richard S. Fuld, Jr.] |
* [http://www.referenceforbusiness.com/biography/F-L/Fuld-Richard-S-Jr-1946.html Reference for Business - Richard S. Fuld, Jr.] |
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* [http://topics.nytimes.com/top/reference/timestopics/people/f/richard_s_fuld_jr/index.html?scp=1&sq=richard%20fuld&st=cse Times Topics] |
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* [http://cityfile.com/profiles/richard-fuld Cityfile: Richard Fuld] |
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{{DEFAULTSORT:Fuld, Richard S., Jr.}} |
{{DEFAULTSORT:Fuld, Richard S., Jr.}} |
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Revision as of 17:58, 22 November 2008
Richard Severin Fuld, Jr. | |
|---|---|
 Fuld speaking at a World Resources Institute forum in January 2007. | |
| Born | April 26, 1946 |
| Nationality | United States |
| Education | M.B.A.[1] |
| Alma mater | New York University |
| Employer | Lehman Brothers Holdings Inc. |
| Title | Chairman and Chief Executive Officer |
| Predecessor | Harvey Golub (American Express Company) |
| Board member of | Federal Reserve Bank of New York, Middlebury College,New York-Presbyterian Hospital, Robin Hood Foundation |
Richard Severin Fuld, Jr. (born April 26, 1946, New York, New York) is the Chairman and Chief Executive Officer of Lehman Brothers Holdings Inc., under United States Chapter 11 Bankruptcy protection. Prior to the Bankruptcy filing, Fuld held his position since the firm's 1994 spinoff from American Express Company. Lehman Brothers filed for bankruptcy protection under Chapter 11[2] on September 15, 2008, and subsequently announced a sale of major operations to parties including Barclays Bank and Nomura Securities.
Biography and career at Lehman
Fuld received his B.S. from the University of Colorado at Boulder in 1969 and his M.B.A. from New York University's Stern School of Business[1] in 1973. While attending UC-Boulder, Fuld participated in the Naval Reserve Officer Training Corps program and was president of the school's chapter of the Alpha Tau Omega social fraternity.[3]
Richard Fuld's first career as an Air Force pilot came to an abrupt end when he got into a fist fight with a commanding officer. Fuld was said to have been defending a young cadet who was being taunted by the senior officer. [4] He then began his career with Lehman Brothers in 1969, the year the firm's senior partner Robert Lehman died, and has stayed at the company since then. Beginning as a commercial paper trader, Fuld rose through the organization taking increasingly senior roles. During his tenure, Fuld witnessed and participated in the numerous changes which the organization endured, including its merger with Kuhn, Loeb & Co, and its acquisition by American Express, merger with E.F. Hutton, and ultimate spin-off from American Express in 1994, once again as Lehman Brothers.
According to Equilar, an executive pay research company, Fuld earned about $45 million in 2007. From the years 1993 to 2007, he is reported to have received nearly half a billion dollars in total compensation. [5] CNN named Fuld as one of the "Ten Most Wanted: Culprits" of the 2008 financial collapse in the United States, Fuld was number 9 on the list. [6]
Congressional hearing testimony
![[icon]](/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | This section needs expansion. You can help by adding to it. (October 2008) |
On October 6, 2008, Fuld testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding the causes and effects of the bankruptcy of Lehman Brothers.[7][8][9]
During his congressional testimony, CNBC reported that Fuld was attacked and "knocked out cold" at the Lehman Brothers gym due to Lehman's declaration of bankruptcy.[10] This report was later debunked when it was revealed that the gym was not even open the alleged day since it was a Sunday[citation needed]. Also, representatives of Fuld have denied the report[11].
In October 2008, Fuld was among twelve Lehman Brothers executives who received grand jury subpoenas in connection to three grand jury probes led by the U.S. attorney's offices in the Eastern and Southern Districts of New York as well as the District of New Jersey, investigating the collapse of the firm.[12][13][14]
Awards, honors and board memberships
In 2006, Fuld was named #1 CEO in the Brokers & Asset Managers category, by Institutional Investor magazine.[citation needed] In 2007 he received a $22 million bonus.[15]
Fuld serves on the board of directors of the Federal Reserve Bank of New York and is a member of the International Business Council of the World Economic Forum and the Business Council. He also serves on the Board of Trustees of Middlebury College and New York-Presbyterian Hospital, as well as on the board of directors of the Robin Hood Foundation.[16]
References
- ^ a b Peter Robison (2008-09-15). "Fuld's Subprime Bets Fueled Profit, Undermined Lehman". Bloomberg. Retrieved 2008-09-23.
Fuld earned a BA from the University of Colorado and an MBA from New York University's Stern School of Business.
{{cite news}}: Check date values in:|date=(help); Unknown parameter|coauthors=ignored (|author=suggested) (help) - ^ Lehman files for Chapter 11 bankruptcy, TheStreet.com, September 15, 2008
- ^ "Lehman Brothers CEO To Speak At CU-Boulder Graduate School Of Business Commencement" (Press release). University of Colorado at Boulder. 2001-04-27. Retrieved 2008-09-29.
{{cite press release}}: Check date values in:|date=(help) - ^ Fuld's Air Force career came to abrupt end after he got into fist fight with commanding officer, The Times, September 16, 2008
- ^ [1]
- ^ Culprits of the Collapse - #9 Richard Fuld
- ^ Committee Holds Hearing on Causes and Effects of the Lehman Brothers Bankruptcy Retrieved 2008-10-06
- ^ Fuld's testimony (PDF) Retrieved 2008-10-06
- ^ "Lehman's Fuld to testify at congressional hearing" Bill Berkrot, Reuters [2] retrieved October 3, 2008.
- ^ http://www.businessandmedia.org/articles/2008/20081006150152.aspx
- ^ http://nymag.com/daily/intel/2008/10/about_the_richard_fuld_punchin.html
- ^ David B. Caruso (2008-10-17). "Prosecutors subpoena ex-Lehman CEO Richard Fuld". Associated Press via Google. Retrieved 2008-10-29.
{{cite web}}: Check date values in:|date=(help) - ^ "Former Lehman Brothers CEO subpoenaed". CNN. 2008-10-17. Retrieved 2008-10-29.
{{cite web}}: Check date values in:|date=(help); Cite uses deprecated parameter|authors=(help) - ^ Joe Sabo (2008-10-17). "Lehman Executives Including Fuld Subpoenaed, New York Post Says". Bloomberg. Retrieved 2008-10-29.
{{cite web}}: Check date values in:|date=(help) - ^ Lehman CEO Fuld's hubris contributed to meltdown, Reuters.com, September 14, 2008
- ^ Lehman Chief: Subprime's End-Near; Pain-Not Over, Forbes.com, April 16, 2008