In the wake of the collapse and bankruptcy of Lehman Br Holdings (OTC: LEHMQ), chairman and CEO Dick Fuld and his wife Kathy have begun selling off their prized collection of modern art.
The couple has been consigning parts of their collection to Christie's, the renowned auction house. 16 post-war drawings have been consigned with a pre-sale estimate of $15-$20 million. At its peak, Fuld's stake in Lehman was worth just under $1 billion, but those shares are now virtually worthless.
What does all this have to do with Lehman, the proposed bailout of the banking industry, and the economy? Nothing really. But at least it's now clear that the insiders will be suffering alongside taxpayers and foreclosed homeowners: Fuld has to part with $15 million worth of post-war drawings!
Who's going to buy that art, you ask? Perhaps hedge fund manager David Einhorn, who was one of the few people calling Lehman's bluff a few months ago, will drop a few bucks to redecorate his office.
Dick Fuld puts his art collection up for sale
Posted Sep 26th 2008 3:04PM by Zac Bissonnette
Filed under: Lehman Br Holdings (LEH)
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Reader Comments (Page 1 of 1)
9-26-2008 @ 4:45PM
David said...
This couldn't happen to a more deserving person. I hope the market for modern art goes the way of the market for Lehman Brothers stock.
10-16-2008 @ 5:49AM
thomas wolf said...
for the first time, the fat cats are going to suffer
with us the little people, we may have to pay
for their greed, their snotty attitude, but
they're going to experience a nice downfall.
and what's nice about it? through my life
i've had my ups and downs, i've managed to
weather them all, i'm betting these people
won't even know how to begin.