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Gasparino: Fuld Having Trouble Generating Business

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  • Description

    FBN's Charlie Gasparino on former Lehman Brothers CEO Dick Fuld's job problems.

  • Duration 3:12
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This transcript is automatically generated

Think it's.

Almost four years after the collapse of Lehman Brothers the firm's former CEO Dick Fuld you're still having trouble holding a job Charlie gets -- exclusives.

Messy details that's on an exit from his last import employer alleged securities what is legend securities -- You've never heard of them.

This full service brokerage firm in lower Manhattan you know with a hundred employees sent me if it's.

It's a very small firm Dick -- join that firm I believe in May 2010.

He'd left it and it went right on the radar screen in in September stub of last year.

Question is why and -- -- what I was the firm came on the tremendous regulatory scrutiny they've basically wanted to know what they kept peppering need to CEO the company.

What is -- -- doing at your firm.

When they could really answer that he had to go we should point out that.

He -- that we also vicinity if you applied for state securities licenses.

He couldn't get that I think the problem is this if you're at a Wall Street if Europe on walls -- wanna work in Wall Street and it won't work and can say the securities business.

You have to be domicile that a firm.

If you don't do business there if you show no reason the regulators shall say why is this guy parking.

His license at your firm and that's what happened here so basically.

He had to leave because of this what we on the stand as it was a voluntary resignation.

Both sides agree to but there's no doubt Dick -- because he couldn't gin up business.

Because he couldn't get the the state securities licenses had to leave -- we and as is brokerage report shows right now.

He has no Wall Street employment he does work and I think -- -- is also a consulting firm called matrix asset as an asset advisors -- on those lines.

It is -- cut completely different business but Dick -- as of right now is out of the securities business.

And it came because regulators were were basically breaking the chops.

Of of this of this let's let's -- flat out illegal for -- to be working at this firm here's the thing okay.

In order to park your license someplace and stay in the business you have to be registered at a broker dealer you have to do something.

Here's the from the Dick Fuld had.

Couldn't get registered in various states member you need federal license and state license so was very difficult for him to bring any business to this firm.

On top of that the firm couldn't say what little business he did bring was -- will -- was worth it or not.

Figure -- goes in there and says why is this guy there.

And right now because of regulatory environment in just in your small firm.

You can't take constant regulatory oversight -- kills these firms.

Have to go before fin rot every every on the day and explain something like this so expect -- to get another job -- lost from a point that sounds.

Some we ship that's a great question I think he's out of the business and here's why if you can't get registered at a state level now why couldn't get leverage -- state level.

We don't surmise it's because he's default and so -- can't -- -- state level if you can't bring in business.

Well basically won't be at a Wall Street -- very long and because what -- does not allow any more used to allow the parking of your license.

So it's a pretty interest these story I think you basically say that you know Dick -- career on Wall Street is is coming to an end and -- is no doubt about it.

Whether he does sort of private placement deals at this -- guests at devises another story.

But I don't think he's gonna be back on Wall Street had -- to remake that -- very difficult burned child is pleasure thanks there.

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