Proving that it's never too late to try to get into heaven, 63-year-old former Lehman Brothers CEO Richard Fuld is reportedly trying to raise funds to lend money to small businesses.
The New York Post reports that "Sources tell The Post that the usually gruff Fuld is trying to raise funds from private equity and other investors that would provide aid to small businesses seen as 'growth companies.' The aid would be provided by using his Rolodex of market contacts to help firms raise capital or by providing financing, people familiar with the matter said."
The plan is part of Matrix Advisors, a small advisory firm Fuld set up earlier this year to keep him busy when he's not dealing with the avalanche of Lehman-fallout related litigation.
It's great that Fuld wants to lend money to small businesses -- if indeed he is motivated by altruism rather than a desire to take advantage of a tight credit market to lend money on terms that are less than favorable to the borrowers.
However, Fuld's conduct suggests something less than genuine contrition. Earlier this year, he sold his $13 million Jupiter Island estate to his wife for $10, a clear effort to protect the property from litigation related to his role in the collapse of Lehman Brothers.
At this point in his career, it's doubtful that Fuld has the credibility to build himself into a meaningful player in the financial services industry anyway.
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