Poor failed investment bank Lehman Bros. is selling $8 million worth of art that used to inspire I-bankers to create beautiful works of finance, but now is just sitting around waiting to be liquidated in order to pay off creditors. Sad. But also appropriate! Because Richard "Dick" Fuld, the ex-CEO who ran Lehman into the ground, is auctioning off some of his own personal art collection tonight—and he was smart enough to get a $20 million guarantee for it, just before everything went to hell!:
The sale of drawings from the Fulds' collection, including three Willem de Koonings, was announced a few days after Lehman declared bankruptcy in September. The Fulds still own a sizable art collection and five homes, including a $21m Manhattan apartment.
Remember how earlier this year we thought Dick Fuld got knocked out in the company gym, but it turned out that it probably didn't happen? Well now he has an extra $20 million. Hm. [Guardian UK]