Former Lehman Brothers Inc. chairman and CEO Richard Fuld Jr. reportedly has a new job at Matrix Advisors, a New York hedge fund, according to The Wall Street Journal.
The article doesn't say what he'll be doing over at Matrix Advisors. "We don't imagine he'll be handling the firm's risk management," Clusterstock jokes.
If the idea of Fuld working again isn't enough comic relief, the fact he landed at a hedge fund adds to the hilarity because he blamed hedge funds for Lehman's downfall. More specifically, he blamed naked short sellers at hedge funds for the collapse, as noted in his congressional testimony:
"Short selling by itself can be employed as a legitimate hedge against risk. Naked short selling, on the other hand, is an invitation to market manipulation. Naked short selling is the practice of selling shares short without first borrowing or arranging to borrow those shares in time to make delivery to the buyer within the settlement period -- in essence, selling something you do not own and might not ultimately deliver to the buyer."
Wondering what about his resume impressed the managers at Matrix? We have no idea, but Dealscape has uncovered his fake resume on LinkedIn.
All kidding aside, the good news is that if Fuld can find employment, then the job market must be picking up. Or is this just another sign of the Apocalypse? -
Maria Woehr
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Richard Fuld should be barred for life for any job in the world of finance. Matrix Advisors should be brought to task for this hire.