Why Does Dick Fuld Still Have a Job at Lehman?

CNBC gets around to addressing why Lehman (LEH) CEO Dick Fuld still has a job.

Lehman is dumping assets faster than deck chair off the Titanic and CEO Fuld still has a job. How????

He hung CFO Erin Callan out to dry instead focusing his time and energy on blaming short sellers for Lehman's plight. Those short sellers it has to be noted seemed to have had a better grip on his company's financials a year ago that Fuld did or even seems to now.

Video:

It is only a matter of time before Fuld in mercilessly let go, or allowed to commit corporate "hari kari" and exit on his own. I would guess the latter. The only reason I think that is simply do to his hanging on for this long.

Fuld will join execs at Citi (C), Wachovia (WB), Merrill Lynch (MER) and Bear Stearns who told investors one things, delivered quite the opposite and were then allowed to "pursue other opportunities".

I do wonder though. Since banks seem to recycle these guys like left-handed starting pitchers, where will they resurface and how long will it take?

Disclosure ("none" means no position): Long C, WB, None.

Comments

[venividivici:]

Oh Todd, rule number 1 On Wall Street," MANAGEMENT LOOKS AFTER MANAGEMENT". I am sure Dick will get a golden parachute to rival Sam's.

2008 Aug 20 11:25 AM

[BenSam1:]

Who is Sam & why did he get a golden parachute?

2008 Aug 20 01:26 PM

[1worldcurrency:]

Fuld is more of a "go down with the ship guy" . He will soon drown.

2008 Aug 20 04:39 PM