That's what Dick Fuld seemed to be implying in testimony to the congressional committee.
I hate to kick a man when he is down, and heaven knows I know enough people who have been effected by Lehman's collapse. But somethings , you can't run away from.
Mr. Fuld might be right in many of his observations about why his venerable institution had to file for bankruptcy, but come on Dick when u've made 1/2 a billion dollars in less than a decade, can't your company at least expect that u wouldn't be asleep at the wheel a this time of crisis?
The very fact that matters were allowed to reach such a state after a full year had been provided as warning(collapse of the Bear Stern funds, that gave the first inkling that something was terribly wrong), reflects poorly on you and other members of the management. Sure you can accept responsibility or you can blame everyone else, but ultimately neither will affect the comfortable life that 1/2 billion dollars can buy.