It perhaps comes as no surprise to learn that Lehman Brothers’ CEO Dick Fuld was, and quite possibly is, a man who only heard what he wanted to hear.
On Wednesday September 10 2008 Fuld had to face up to one large reality, though – that the bank he headed had released third-quarter results for the year that involved a loss of $3.9 billion.
The rest, as they say, is history; the collapse of Lehman, the departure of Fuld, and a prolonged banking crisis.
The focus of Bethany McLean’s and Joe Nocera’s book All the Devils Are Here is how the seeds were sown for this crisis decades earlier, as the US financial system allowed huge bets to be wagered on the sub-prime mortgage market.
