Posts Tagged ‘Dick Fuld’
Posted by Larry Doyle on April 17th, 2012 7:54 AM |
Do readers recall Dick Fuld, then CEO of Lehman Brothers, railing against hedge funds that were attacking the once venerable firm by aggressively shorting its stock? Fuld maintained that these aggressors were engaged in a practice known as ‘naked short selling’ and that they brought Lehman to its knees in the process.
The last four years have brought us plenty of intrigue and innuendo about a host of illegal and illicit practices on and off Wall Street, but we have heard and seen little about this practice. Why? What questions need to be addressed on this topic? (more…)
Tags: Carl Hagberg Wall Street Conspiracy, Darren Saunders Activist, Dave Patch Activist, Dick Fuld, he's a crook Patrick Byrne, helen Avery US Editor Euromoney Wall Street Conspiracy, Jim Cramer Wall Street Conspiracy, John Harmer Wall Street Conspiracy, John O' Quinn Wall Street Conspiracy, Jonathan Feldman Eastern Savings Bank, Kristina Leigh Copeland, Larry Doyle Wall Street Conspiracy, Mark Faulk Wall Street conspiracy, naked short selling, optionsXpress, Overstock.com, Patrick Byrne CEO of Overstock, Reg SHO, Robert Shapiro Wall Street Conspiracy, SEC Charges Broker in Short Selling Scheme, Sense on Cents Wall Street Conspiracy, stock market fraud, Susanne Trimbath, they ripped off America, Wall Street conspiracy, Wes Christian lawyer Wall Street Conspiracy, what is naked short selling
Posted in General | 24 Comments »
Posted by Larry Doyle on March 13th, 2010 2:34 PM |
Given the global interest in this story, I am bumping it up from the original posting on 3/12/2010. LD
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Former Lehman Bros. CEO, Dick Fuld
Reports that Lehman was effectively ‘cooking its books’ prior to its ultimate demise are not a surprise.
Reports that Dick Fuld, then CEO of Lehman, was not aware of the nature of this cooking are both ridiculous and pathetic.
The lifeblood of every financial institution on Wall Street is access to financing for its operations. That financing very often comes in the form of repurchase agreements (repo financing), in which the institution borrows funds while pledging assets. These short term loans, often overnight loans, are unwound at a preset date and preset prices. The rates borrowers have to pay for funds borrowed depend on the credit quality of the borrower itself and the quality of the assets pledged. (more…)
Tags: Amerivet Securities v FINRA, Anton Valukas, Bart McDade, Dick Fuld, Dick Fuld's career, FINRA, Fuld 'Negligent' as Lehman Hid Leverage, Herbert 'Bart' McDade, Lehman Bros, Lehman Bros. balance sheet, Lehman cooking its books, Lehman manipulated its books, Lehman's auditors Ernst and Young, Lehman's financials, Lehman's leverage, NASD, off balance sheet transactions, Repo 105, repo financing
Posted in General, Lehman | 13 Comments »
Posted by Larry Doyle on March 12th, 2010 12:00 PM |
Brad Hintz is currently an analyst at Sanford C. Bernstein, a division of Alliance Capital Management. In the 1990s, Hintz served as CFO of Lehman Bros.. As such, Hintz is well positioned to comment on the ‘cooking’ that occurred at Lehman in the midst of the economic crisis which led to Lehman’s filing bankruptcy.
How does Hintz define Lehman’s accounting? In a word, “shenanigans.”
Take a look at a brief Bloomberg video clip to get an insider’s view of the Lehman kitchen:
In the spirit of full disclosure, while looking for background material on Mr. Hintz himself, I unearthed the fact that Mr.Hintz was sanctioned by the NASD (now FINRA) for selling his own personal positions in stocks (Lehman and Morgan Stanley) while continuing to recommend them. (more…)
Tags: Bart McDade, Brad Hintz, Brad Hintz interview on Bloomberg march 12 2010, Brad Hintz on Bloomberg, Brad Hintz sanctioned, Brad Hintz Sanford C. Bernstein, Brad Hintz sold Lehman and Morgan Stanley, Brad Hintz speaks about Lehman, caveat emptor, Dick Fuld, James S. Shorris, Lehman accounting, Lehman accounting shenanigans, Lehman CFO Hintz, Lehman's books, NAD FINRA sanction Brad Hintz, Sanford C. Bernstein Alliance Capital Management
Posted in General | 2 Comments »
Posted by Larry Doyle on March 11th, 2010 2:08 PM |
…shame on you, fool me twice, shame on me!!!
There are a handful of financial journalists who pull no punches in telling the absolute truth and in providing real transparency. Bloomberg’s Jonathan Weil holds a special spot in the Sense on Cents Hall of Fame for his determination in calling people and institutions on the carpet. From Wall Street to Washington to around the global financial landscape, Weil leaves no stone unturned in promoting integrity. His commentary today is superb. Please share it with friends. Weil writes, Greece Lifts a Page From Citigroup’s Playbook:
Is it too much to ask for the world’s titans of government and finance to speak credibly when they open their mouths? (more…)
Tags: Ambac Financial, balance sheets, Bear Stearns, Ben Bernanke, cds in europe, credit default swaps in europe, Dick Fuld, Fannie Mae, financial regulatory reform, fool me once, Freddie Mac, GAO, George Papandreou, Greece, Greece Lifts a Page from Citigroup's Playbook, Hank Paulson, herb allison, jonathan Weil, Lehman Bros, rating agencies, SEC, Sense on Cents Hall of Fame, too big to fail, transparency, Treasury, Vikram Pandit
Posted in General | 2 Comments »
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 31 Comments »
Posted by Larry Doyle on March 16th, 2009 10:37 AM |
It was one year ago that the Federal Reserve and Treasury delivered Bear Stearns into the hands of JP Morgan for $2 a share. Bear Stearns stock had traded above $170 a share in 2006. With the passage of time, what are some of the lessons learned and what questions remain unanswered.
1. Although Bear Stearns employees and shareholders may not qualify a price of $2 a share (revised to $10 a few weeks later) as being saved, would the financial system have been better off letting Bear totally fail? Why? If Bear had failed, many people do not believe we would have had the breakdowns in our financial systems that occurred because of Lehman’s failure.
2. Did Dick Fuld, CEO of Lehman, assume that the Fed and Treasury would save Lehman much as they did Bear? Was he less aggressive in pursuing increased capital injections during the Summer 2008 as a result? Many people believe this to be the case. (more…)
Tags: Ace greenberg, AIG, Bear Stearns, bear Stearns Asset Management, Dick Fuld, EMC Mortgage, Federal Reserve, Hank Paulson, Jamie Dimon, Jimmy Cayne, JP Morgan, Julius caesar, Lehman Bros, Matthew Tannin, Moral Hazard, Ralph Cioffi, Tim Geithner, Treasury, Wall Street Journal, Warren Spector
Posted in Jamie Dimon, JP Morgan, Risk, Wall Street | 2 Comments »
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