Richard Severin Fuld Jr born April 26, 1946) is an American banker best known as the final Chairman and Chief Executive Officer of major investment Bank Lehman Brothers.
Fuld held this position from the firm’s 1994 spinoff from American Express until 2008. Lehman Brothers filed for bankruptcy protection under Chapter 11 on September 15, 2008, and subsequently announced the sale of major operations to parties including Barclays Bank and Nomura Securities. Continue reading “CEO: Richard S. Fuld Jr.”
Naked Short Selling
Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a “failure to deliver” (“FTD”). The transaction generally remains open until the shares are acquired by the seller, or the seller’s broker settles the trade.
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Will Naked Short Sellers Torpedo The Trump Bull Market?
Forbes, 26 September 2018
Nevermind the succession of new tariffs that beclouds the prospect of sustained economic growth. Some observers believe even greater threats to the “Trump Rally” are rooted deep within our financial markets – specifically, in the sort of systematized and pandemic short-selling that can roil market innovators like Tesla, not to mention small and midcap companies that are much more vulnerable to manipulation. One might wonder which burgeoning new industries are on the current hit list. Publicly traded marijuana companies are mentioned often.
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Dick Fuld’s Vendetta Against Short-Sellers—and Goldman Sachs
Heidi N. Moore
Wall Street Journal, 7 October 2008
Fuld didn’t let up on his hatred for short-sellers–primarily David Einhorn–even after his company filed for bankruptcy last month, and he believed the shorts were part of a cabal driven by Goldman Sachs Group.
In April, Fuld reported back to general counsel Thomas Russo about a dinner with Treasury Secretary Hank Paulson that Lehman had a “huge brand with treasury,” which “loved our capital raise” and, in perhaps an oblique reference to short-sellers, that Treasury “want to kill the bad HFnds + heavily regulate the rest.”
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Fuld says Lehman victim of short sellers
Stephanie Kirchgaessner and Greg Farrell
Financial Times, 2 October 2008
Dick Fuld, Lehman Brothers’ chief executive, broke his silence on the collapse of his bank by telling a congressional committee on Monday that he would go to his grave wondering why the US government opted to save AIG but allowed Lehman to fail.
Three weeks after the 158-year-old firm sought bankruptcy protection – the largest such filing in US history – Mr Fuld blamed Lehman’s collapse on a plague of naked short selling, and said in response to a question that he had no idea why US regulators would judge his company unworthy of a federal bail-out.
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