An intrepid Reuters reporter followed Dick Fuld into the Idaho wilderness, and though the fallen Lehman chief had little new to say, we can already see the outlines of a stunning comeback for the man known as “The Gorilla.”
Shocking, right? Just the name Fuld still invokes a bilious response among many. And for now, nobody wants to do business with him.
But that will change, just you watch. Fuld is setting up nicely for a comeback.
- Fuld has been through the worst of it, having seen his firm collapse, his fortune blown to smithereens and his name thoroughly “dumped on” by the media and by politicians.
- But he never got a bailout. While other Wall Street honchos are branded with a scarlet-T because they took TARP, Fuld is untainted.
- It’s clear now that the crisis was way, way bigger than anything at Lehman, or actions that Dick Fuld took. Sure, in the beginning you might’ve called Fuld a villain, but at this point, come on! Lehman now seems like a minor storm within a tremendously more violent system.
Ask yourself: Why do Ken Lewis and Vikram Pandit still have their jobs, and why did Thain get to retire with his fortune intact? There’s no good reason. Yes, Fuld made errors along the way, but they were just that, judgment errors — the failure to see the biggest crisis in the last century. And, as was totally proper, he paid the price.
So it might be slow going for him, and he’ll never return to his old heights, but Fuld is about to enjoy a surprising comeback in business and in reputation.