Life After Lehman: A Look at How 6 Prominent Players Have Fared
Dick Fuld, Fred Goodwin, Ralph Cioffi, Michael Burry, Angelo Mozilo and Joe Cassano manage to stay out of the limelight.
By Imogen Rose-Smith, David Rothnie, Ben Baris
Clockwise from top left: Scion Asset Management head Burry, ex-Lehman CEO Fuld, former RBS head Goodwin, onetime Bear Stearns hedge fund manager Cioffi, Countrywide co-founder Mozilo, former AIG Financial Products boss Cassano (Photographs by Bloomberg News)
Richard (Dick) Fulds fall was arguably the most dramatic of the 2008 U.S. banking collapse. First, the former Lehman Brothers Holdings chairman and CEO fought to save the firm where hed spent his entire career. After Lehman filed for bankruptcy on September 15, 2008, he had to explain the disaster to Congress, estimating that he earned roughly $350 million between 2000 and 2007. Yet Fuld, 67, hasnt walked away from Wall Street. Despite ongoing scrutiny and litigation surrounding Lehman, he and his wife, Kathleen, still live in Greenwich, Connecticut. In 2009, the year the couple sold their Park Avenue pied-à-terre for almost $26 million, Fuld launched Matrix Advisors, a New York consulting and advisory firm where he serves as chairman. Among his colleagues is Ernest Green, a notable member of the civil rights movement, who worked with him at Lehman. According to securities filings, Matrixs clients have included Ecologic Transportation, a Santa Monica, Californiabased holding company specializing in green transport, and New York construction company Iron Eagle Group. Fuld may no longer be dishing out advice to many of the Fortune 500 executives he rubbed shoulders with at Lehman, but consulting probably beats the bridge circuit. Imogen Rose-SmithToday Frederick Goodwin is just plain old Fred. But during his eight years as CEO of Royal Bank of Scotland Group, the former accountant transformed the firm into a global powerhouse with a string of high-profile acquisitions that earned him the nickname Fred the Shred for his skill at integration and cost-cutting and, in 2004, a knighthood. Goodwin was also known for his arrogance, a trait that prompted the disastrous, RBS-led hostile takeover of Dutch bank ABN Amro for $100 billion in 2007. Reeling from the financial crisis, cash-strapped RBS hit up shareholders with a £12 billion ($18.4 billion) rights issue in April 2008. The U.K. government extended a £45 billion bailout, and Sir Fred resigned before the bank announced a £24 billion annual loss, the biggest in British corporate history. Goodwin, 55, resurfaced briefly in 2010 as a senior adviser to international architecture firm RMJM. After the U.K. Financial Services Authority blamed regulatory and management failings for RBSs meltdown, the Londoner was stripped of his knighthood last year. David Rothnie....