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Ex-Lehman Trader, Suspected Source of Book, to Start Hedge Fund
by Christopher Glynn ,Senior Reporter, September 24, 2009
Onetime Lehman Bros. higher-up Alex Kirk, who his former boss Dick Fuld suspected behind a tell-all book about the defunct Wall Street firm, is starting a hedge fund.
The New York Post reported Kirk is launching River Birch Capital. Kirk, a longtime trader, is using a distressed strategy, according to the tabloid.
Also joining the startup is Bart McDade. McDade became president of Lehman during the end of its operation.
Kirk, along with trader Michael Gelband, fled Lehman in 2007. Fuld, the villain ex-chief executive officer of the Wall Street firm, went public with his belief that Kirk and Gelband fed author Lawrence McDonald information for his book “A Colossal Failure of Common Sense,” which detailed the collapse of the firm.
Fuld has said McDonald, a vice president at Lehman, left before its demise in 2008, and lacked the insider knowledge of what went on at the firm as it tanked. The book put Kirk and Gelband, both of whom Fuld forced out, in a good light while depicting Fuld as an egotistical and out-of-touch CEO.
Kirk and Gelband returned to Lehman to wind business down after McDade took over as president of the firm.
Earlier this month, Allan Bedwick, another ex-Lehman trader, also went into the hedge fund business, joining OGI Capital in Japan to run a macro strategy.
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POLL OF THE WEEK
July 27, 2010
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