At last Dick gets the respect he deserves from his underlings A fascinating article appeared in the Sunday Times In December giving an insider's view of the decisive contribution Dick Fuld made to the eventual collapse of Lehman Brothers. From our perspective, it is the clear deficiencies in some key High Performance Behaviours that is helpful in understanding how he went from hero to zero. The list includes; negative Information Search as Lehman executives filtered out all information except that which confirmed their inflated estimates of the company' worth, negative Influence as Fuld and his inner circle demonised anyone who challenged their view of events and negative Teamwork, with business units forced to become isolated or combatitive. Used aggressively in this way by a dominant boss, the negative behaviours became a destructive force.
When the downward spiral accelerated, Fuld's last resort was to berate the US government for not bailing the firm out, abdicating responsibility to the very end. Disagreeable even by the standards of the financial world many will be hoping to never see his like again on Wall Street.
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