The Federal Crisis Inquiry Commission (FCIC) has just released audio from hundreds of interviews it conducted to assemble its tome on what caused the crisis.
There’s a bucketload of audio but thanks to FT Alphaville, some of the commission’s interview with Dick Fuld has been transcribed — the best part.
September 2008 was a crazy time for the former Lehman chief. So busy, he can’t remeber exactly when the firm imploded.
We funded Friday night — that Friday night whatever it was — September … [Interviewers interject and say: ’12th’] … 12th. How could I forget that date? Ridiculous.
But we funded that Friday night by ourselves. Without any assistance. Plenty of collateral. And with all the craziness of what was going on for the last two days, we funded ourselves.
What he has no trouble remembering is the slight that led him to cut Tim Geithner out of his life from that. day. forward.
My guys came into me… and said to me and the three people in my office we’re fine … And that euphoria lasted about half an hour, 45 minutes…
They came back and said I know you’re not going to believe this but the Fed is allowing that for everybody except for Lehman. At which point I tried to call secretary Geithner, or actually it wasn’t secretary — ‘scuse me chairman — he was chairman at the time, of the Fed, who never responded to my call … From that weekend to this day I have not had a conversation with chairman Geithner.
Moral of the story? Dick Fuld never forgives, or forgets. (Human slights; not dates).