Thomas Russo isn’t crying over spilled milk — or in his case, a failed investment bank. Russo thinks that last fall’s collapse of Lehman Brothers Holdings Inc., where he was chief legal officer, could have been avoided. But he’s not dwelling on the past: In April he became a senior counsel in the New York office of Patton Boggs, where he will advise clients on securities, commodities law and other financial services issues.
Russo, who spent 15 years at Lehman, believes the government made a huge mistake by not trying to save the New York-based financial services giant from bankruptcy. “It’s almost common knowledge that that was a terrible failure on the government’s part. But in saying that, one must move on, and there isn’t much one can do about it now,” Russo says. “There were lots of other firms that were similarly situated and did not have that happen to them, and I am happy for them.”
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