Schadenfreude

Dick Fuld Has Been Terminated

Many thought this happened months ago, but here it is: Dick Fuld has been fired as Chief Executive Officer of Lehman Brothers. "He is being terminated," Lehman's chief bankruptcy officer said yesterday. "He will receive no severance or bonuses." That marks the end of Fuld's run, which began in 1993, as the longest serving head of a Wall Street bank. Though Lehman collapsed in September, Fuld was helping it to divide up its assets. The instinct upon news of a firing is usually sympathy, but lest you feel too sorry for him: Lehman paid Fuld nearly $500 million since 2000.