Lehman Brothers' former CEO blames bad regulations for bank's collapse

Dick Fuld defended the bank's culture, pointing the finger instead at government failings and hedge funds aggressively short-selling its stock

Dick Fuld, the chief executive who led Lehman Brothers to the largest corporate collapse in modern times, has defended the failed investment bank's culture, insisting that it was a victim of wider market excesses and regulatory failings in his first public speech since the banking crash of 2008.

"It was all about team," he told a conference in New York. "My people were in it together - and our clients knew it. There was no ... 'It's my account,' no 'I'm a star, so pay me.'"