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Possible Jail For Financial Execs

The Verdict

by Portfolio Staff Apr 21 2009
We asked a group of eight former prosecutors and other legal experts (some of whom asked to remain anonymous) about which of the meltdown's disgraced CEOs are most vulnerable to prosecution. Here’s their verdict.
Dick Fuld
Dick Fuld, Former CEO, Lehman Brothers
Image: Robin Eley
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Dick Fuld, Former CEO, Lehman BrothersLegal issue: Made bullish comments about the firm right before its swift
demise. Was he hiding something?

Possible charges: Securities, mail, and wire fraud.

The PR headache: Fuld’s Darth Vader-like profile has become the face of corporate irresponsibility. He’d make a prosecutor’s perfect fall guy.

The investigation: Federal prosecutors have subpoenaed Fuld and other Lehman executives to appear before a grand jury.

Jury deliberation: “There is no way he would knowingly tell a lie. He’s too smart for that.”  ... “These kinds of very powerful, cocky CEOs just don’t take advice very well. These are not cautious, reticent people generally. The moment will come when they will not take the good advice they are given.”

Odds of prosecution: 4:1


Verdict: Fuld tops our short list for prosecution, but the case will be tough to prove.

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