Failure Is the New Success

You know you gotta wonder about things like these.  Deal Journal reported late last week that Dickie Fuld, a.k.a. The Gorilla landed a new job in the worst recession in 30 years after being lead jackass to the largest bankruptcy in the history of the United States, and after causing (directly and indirectly) more job losses than all the estimated deaths from the bombing of Nagasaki in 1944 .  Resume embellishments in a post crisis era are going to turn exaggeration on its head.  It’s no longer how many people you managed, how large a company, trading desk, hedge fund, profits or customer base you successfully oversaw.   Nor is it going to be about the positive results you gained.  Fiercely the opposite.

I suppose with the large number of Wall Street zoo animals out on the street like a scene from planet of the apes, the most aggressive employers will begin to look for resumes of uncaged executives who have done the most damage, key people from failed and failing firms.  That will lead the same ark of miscreants right back into the treetops of the financial jungle.  This does not seem like the direction we ought to be going.

How much you lost will be the new how much you made.  The size of funds required to save your failed firm will be something to brag over, and the number of negative blog posts about how shitty you are as a manager and a person will be the entry ticket to the interview.  Much like how muttering the size of your loss with Bernie Madoff is the new how-much-you-once-had-with-Bernie-Madoff, the next hiring spree will be a new race to the bottom, as long as stories like this keep breaking.  Once upon a time bankruptcy was punishable by death, today its rewarded with new opportunities to fuck up more shit.  At this pace we should just open the gates to Attica and Walla Walla and let the inmates run Washington too.

I don’t know about you, but if my old friend assaulted my wife, molested my child, set fire to my house and then unleashed WMDs on half of the country I don’t think I’d want the psychopath working for my firm.  But maybe I’m old fashioned.

He’s back in the fold.

Late Friday an assistant to former Lehman Brothers Chairman and Chief Executive Officer Richard Fuld Jr. sent a blast email saying he has landed at Matrix Advisors, located at 780 Third Ave. in New York City.

fuld0403_E_20090403192515.jpgAssociated Press

Lehman filed for bankruptcy in September, a move that sent the financial world into a tailspin and Mr. Fuld in search of new perch. The 62-year-old executive then vacated Lehman’s 31st floor executives offices in New York City to less plush digs a block or so away to help with the unwind of Lehman, the largest bankruptcy in U.S. history.

In September, in a letter to employees announcing that part of Lehman had been sold to Barclays Capital, Mr. Fuld wrote: “I know that this has been very painful on all of you, both personally and financially. For this, I feel horrible.” In October he testified before Congress, saying he is haunted nightly wondering what he might have done to avert Lehman’s bankruptcy. “This is a pain that will stay with me for the rest of my life,” he said.

Despite his fall from grace, Mr. Fuld is still a fixture around New York, and is often seen lunching or power breakfasting at Brasserie in midtown Manhattan. And now he has a new place to hang his shingle, although so far little is known about this gig. He did not respond to requests for comment.

Source:
Lehman Brothers’ Dick Fuld Has a New Gig
Susanne Craig, WSJ Blogs Deal Journal, April 3, 2009
http://blogs.wsj.com/deals/2009/04/03/lehman-brothers-dick-fuld-has-a-new-gig/

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2 Responses to Failure Is the New Success

  1. crackhead says:

    This has nothing to do with past performance, and everything to do with the Ol’ Boys Network. Executive offices and Boards of Directors are chock full of nepotism, cronyism, and downright corruption. (see http://www.theyrule.net/)

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