I have just finished watching Dick Fuld, the chairman and chief executive of Lehman Brothers (RIP), testifying to a US House of Representatives committee on the collapse of his investment bank. The House members picked a dramatic time for the hearing: global stock markets were falling as he spoke.
Testifying in front of politicians after something goes badly wrong at your business, and hurts investors and others, is a thankless task. The best you can hope for is to get out in one piece, having been suitably contrite and humble without admitting to wrongdoing or incompetence. Read more