Is it just coincidence that both Lehman Brothers and Bear Stearns were led by entrenched men who lost touch with their employees, businesses and mission? Did hubris cause the collapse of these two venerable banks? As 158-year-old Lehman disintegrates, and potential buyers sniff the carcass, it is worth asking whether blame for the fall of both Lehman and Bear might be attributed, not only to a failure of risk management, but to a failure of character.

Although the two leaders have starkly different personalities and backgrounds, they played similar long-term roles. Many Wall Street executives are egomaniacs, but these two men are special. More reliable banks, such as Goldman Sachs, have never been run by anyone so out of touch.