Where is fuld now

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Learn more and compare subscriptions content expands above. We are told in Britain that the Senior Managers Regime, which came into effect in and is overseen by the Financial Conduct Authority, will change things.

It is supposed to establish clear lines of accountability for senior financiers, so they can no longer hide behind the decision making by committee that, it is said, allowed senior bankers to disavow responsibility for the actions that led to the collapse of Lehmans, and RBS and HBOS.

But is it really the lack of something like it that prevented a calling to account for the crisis? Or is it just as much down to a lack of will on the part of the authorities to make an attempt at using the laws in place at the time?

Join thought-provoking conversations, follow other Independent readers and see their replies. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. Already subscribed? Indeed, Fuld made no mention of anything Wall Street did wrong in causing the crisis.

Instead he blamed the Fed for raising interest rates, choking off the party as it was just getting started. Homeowners could no longer refinance their homes; worse, they could no longer pay their mortgages. Overleveraged banks stopped lending to companies, which in turn curbed hiring, capital expenditures, and acquisitions, Fuld said. Firms cut expenses and fired people. Fuld reviewed the collapse of Lehman as perfunctorily as he could manage.

Then there was a none too subtle jab at former Treasury secretary Hank Paulson, and then president of the New York Fed, Tim Geithner, who would not bail out Lehman, as they did the giant insurer A. He did reminisce about his career at Lehman, especially the overarching sense of camaraderie and partnership among the top men at the firm. Alas, there were very few women. And for me and for all those that participated, it was all about the team.

Then: prime minister Now: UN special envoy for global eductation. However, when Lehman went down, Brown ordered a bank rescue that became a model for shoring up financial systems.

Like Bernanke he is an adviser to Pimco but Brown says he makes no money from private sector work, using it to pay for his staff, with the rest going to charity. Then: chancellor of the exchequer Now: director of Morgan Stanley. He led the campaign against Scottish independence in , a decision critics said weakened Labour in Scotland.

He is also a president of the Chatham House thinktank. Then: business minister Now: chair of Santander UK. Reflecting on that time, the life peer has said Lehman set off events that seemed uncontrollable. Since leaving the government she has become one of the most powerful women in the City.

Vadera, who is 56, has been mentioned as a possible successor to Mark Carney as governor of the Bank of England but an abrasive style could weigh against her.

Then: Bank of England governor Now: academic and adviser to Citigroup. King was accused of reacting slowly to the financial crisis at first but Lehman changed all that.

After supporting the October UK bank bailout the Bank under King slashed interest rates close to zero and was part of a coordinated response to introduce quantitative easing to shore up the economy.