Dick Fuld: My part in his smouldering resentment
From the WSJ’s Fuld profile:
The U.S. government had supported J.P. Morgan Chase & Co.’s purchase of Bear Stearns months before Lehman collapsed, and, just days later, funded a massive bailout of American International Group. Mr. Fuld couldn’t believe the government couldn’t find a way to save Lehman.
In conversations with friends, he blamed then-Treasury Secretary Henry Paulson Jr. for deciding not to step in. Mr. Fuld’s wife, Kathy, would frequently email him news commentaries critical of Mr. Paulson’s role, say people familiar with the matter.
She sent him one column from Portfolio.com, headlined “Hank Paulson, Revisionist.” The piece asked: “Does Paulson seriously believe that anybody is going to swallow this — the idea that he didn’t want to see Lehman’s failure, but was powerless to prevent it?”
Yeah, that was me. Little did I suspect I was only serving to entrench Fuld’s anger at Paulson.