Monday, August 25, 2008

Fuld May Be out at Lehman

I guess losing billions of dollars is finally going to cost this CEO his job. It might be good for the stock unless people start to pull their money out of the stock in the next several months.

The big Lehman Brothers (LEH) story Monday is that CEO Dick Fuld is on the ropes. The Observer newspaper, citing “well-placed sources within the bank,” reported over the weekend that Fuld faces a “planned coup” that will force him out by year-end. The paper said operating chief Bart McDade, installed in June as Fuld sought to restore faith in the firm after a big second-quarter loss took Wall Street by surprise, has taken over many of Fuld’s responsibilities.

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