Must-read: Barry Ritholtz does a (predictably) superb job in deconstructing Dick Fuld's effort to blame Lehman's collapse on anybody but Dick Fuld--showing why it's all s bunch of horse hockey.
But I'm getting a sense of déjà vu here and I think I know why: Fuld is beginning to remind me of nobody so much as Erich ("Dolchstoßlegende") Ludendorff, generalquartiermeister of the German army during World War I and prime author of the theory that he and his lot were mere bystanders when the roof fell in, the real blame attributable to all those pinstriped pantywaists in the government and all those excitable bolshies in the streets.
Ludendorff of course went on and turned himself into a pathetic clown, a pawn in the hands of Adolph Hitler in the rise of the Nazis. We may prayerfully hope that no such fate awaits Fuld. But in some societies, guys that screw up on such a grand scale just take a pistol and retreat quietly to the library.
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