Lehman Brothers' Dick Fuld admits bank made mistakes before collapse
* Andrew Clark in New York
* The Guardian, Wednesday 21 April 2010
http://www.guardian.co.uk/business/2010/apr/21/lehman-brothers-dick-fuld-admits-mistakesThe former Lehman Brothers boss Dick Fuld has edged close to an apology over the collapse of the 185-year-old Wall Street bank, owning up to "bad judgments" in its property investments, economic foresight, and in understanding the contagious nature of global finance.
Questioned in Congress yesterday, Fuld impatiently denied being a "gambler" – and drew derisive gasps by claiming Lehman had been "risk averse". But he accepted that mistakes contributed to its spectacular bankruptcy in September 2008: "I would say bad judgments were made regarding the markets, yes."