As Lehman’s stock continued to plummet, Fuld was second-guessing not only this decision but countless others. He had known for years that Lehman Brothers’ day of reckoning could come—and worse, that it might sneak up on him. Intellectually, he understood the risks associated with cheap credit and borrowing money to increase the wallop of your bet—what is known on the Street as “leverage.” But, like everyone else on Wall Street, he couldn’t pass up the opportunities.
