It wasn’t for lack of trying that Lehman crashed and burned. In the firm’s last days, CEO Dick Fuld turned to GE’s Jeff Immelt, and then to AIG’s Marty Sullivan for help. Alas, they were both too busy trying to save their own firms. The Post:
Fuld had hoped Immelt would take as much as a 20 per cent stake in Lehman in order to quiet the then-mounting questions surrounding Lehman’s toxic $630 billion balance sheet. Immelt, however, opted to take a pass.
Fuld’s phone call to the GE CEO, who with Fuld serves as a Class B director of the New York Federal Reserve Bank, was one of many calls the Lehman honcho made before the 158-year-old investment bank went up in smoke, filing for bankruptcy on Sept 15. Both Barclays and Nomura Securities have since snatched up pieces of the fallen firm.
Sources said that Fuld months ago also turned to American International Group’s then-CEO Marty Sullivan to arrange a deal.
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