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Ex-Lehman Boss Said Miffed About Book Contents

last updated: 7 September 2009
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The New York Post reports that ex-Lehman Brothers CEO Dick Fuld has accused Michael Gelband and Alex Kirk, two former traders at the firm, of secretly contributing to Lawrence McDonald's book about Lehman, 'A Colossal Failure of Common Sense', which is said to portray Fuld as 'out-of-touch' and 'caught up in (his) own hubris'.

The newspaper also quotes sources who claim that Fuld is struggling to generate new business, as he tries to get his New York-based corporate-advisory firm off the ground. The Post quotes one unnamed source, who said: 'People are nice and respectful to his face, but behind his back they're worried about the tarnish of Lehman Brothers and the threat of lingering lawsuits'.

And The Financial Times reports that Lehman Brothers shares have had something of a renaissance over the last few weeks, climbing to 32 cents last week - after being at 5 cents for much of the last year. The rise is put down to desperate investors willing to take a punt on anything.

Finally, it seems that what comes around does indeed go around. Bloomberg reports that family members of the SEC enforcement official whose unit received an anonymous tip in 2005 that Bernie Madoff was a crook can't be too popular with some of his family, who are said to have invested $2m with the convicted felon!

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