Mere months after the subprime mortgage market brought down Lehman Brothers Holdings Inc. in 2008, Richard S. Fuld Jr., the bank’s former chairman and CEO, referred to himself as “the most hated man in America,” at a party hosted by James A. Johnson, the former head of the Federal National Mortgage Association (OTCBB:FNMA), or Fannie Mae.
Fuld wasn’t wrong. He’d played fast and loose with a lot of people’s money, lost it all and was the perfect scapegoat for all of America to pin its economic troubles on.
Back in 2007, when the subprime mortgage market first began to stumble, in an email to the bank’s then chief strategy officer David Goldfarb, Fuld wrote, “I agree we need some help-but the BRos always wins!”
His words were the opposite of prophetic. When Lehman Brothers collapsed, it took Fuld’s career down with it. And he wasn’t the only one -- former Chief Operating Officer Joseph M. Gregory and former Chief Financial Officer Erin Callan haven’t worked in finance for years now.
Here’s what happened to the bros of Lehman Brothers:
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