07/08/2024
One of the Biggest Rats of All Time?
CNBC ran a story on its website listing the worst CEO’s of all time. At the top of their list was Dick Fuld. Here’s their appraisal of what made him such a terrible leader:
“It’s one thing to oversee the collapse of one of Wall Street’s most esteemed firms, Lehman Brothers. But when your hubris triggers a national financial panic as well, you’re a shoo-in for top prize. Fuld’s reckless risk-taking may have been typical of Wall Street, but his refusal to acknowledge that his firm was in trouble—and take the steps necessary to save it—was beyond the pale. Since filing the largest bankruptcy in U.S. history ($613 billion in debts outstanding), Fuld has been belligerent and unrepentant. Even Bernie Madoff said he was sorry.”
Can you be in the rat race and not become a rat? Sure, with God’s help you can. But if you’re going to lead in a Christ-like way, I’m guessing you want to avoid some of Fuld’s character flaws.
- Hubris—a giant sized ego about your abilities and skills—is hardly the trademark of Jesus followers.
- Just say ‘No’ to reckless risk-taking with other people’s money and other people’s careers.
- Be self-reflective enough to know when you and your business are in trouble so that you can do whatever you need to do to save it.
- It doesn’t hurt to own your mistakes.
- And it makes sense to show at least a little humility in failure.
Obviously, we don’t need someone guilty of Fuld’s massive missteps to understand that being a Christian in the workplace requires an entirely different, other-directed point of view. It’s as simple as understanding that people matter to God—all people. Your employees—from your cleaning staff to your executive team—your investors, customers, clients as well as the family members who depend upon them—they are all children of God who deserve your empathy and respect. Dick Fuld was only looking out for himself when Lehman Brothers desperately needed someone who was looking out for all the women and men who were stakeholders—let alone shareholders—in the company.
There are so many rats out there that it makes sense to call it “the rat race.” But if you know of men and women in business who’ve made tough choices based on their love of God or faith in Christ, I’d enjoy hearing about them from you. I think it is too easy to point out the scandals and the failures of business leaders and a lot harder to point out those who manage to do the right thing for the right reasons—in big and small ways.
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