Winner Declared!

Yesterday I was still pondering who best "deserved" the prize in the Lehman fiasco. Today, there's no question.

The winner is ... (envelope please) ... former CEO Richard S. Fuld Jr.

According to a published reports in today's New York Post, Fuld is apparently "feeling vindicated" by the bank examiner's report on Lehman's fall. This despite being called "at least grossly negligent" (emphasis added) in the 2200-page report.

The Post's Mark DeCambre writes, "Fuld privately believes that the report by examiner Anton Valukas provides proof that he did nothing illegal as he steered Lehman through a financial mess that ultimately led the firm to file the largest bankruptcy in US history..."

There may indeed not be enough evidence for criminal charges, although I suspect a civil suit would be harder to beat. Still, Mr. Fuld appears to be, um, ethically challenged. He denied having any knowledge of the highly-questionable Repo 105 accounting tricks (and yet was able to certify with his signature the financial statements), and he did admit to telling his underlings to reduce the firm's debt levels. Apparently, he didn't care how they went about doing so.

Sorry, Mr. Fuld: the buck stops at your desk. Congratulations on your "prize".