Dick Fuld was never 'one of the boys': Lehman had a tortured past, and grew up after its spinout from American Express as a bond house, not an elite investment

Dick Fuld was never 'one of the boys': Lehman had a tortured past, and grew up after its spinout from American Express as a bond house, not an elite investment bank, and only began rising in the M&A league tables in the 2000s. Until then they made money and were good but never had the social status of the GS execs. To the other commenter: Lehman was too terrified of its own capital base to participate in the LTCM bailout, but yes they didn't win any friends with that.