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Jonathan Ernst / Reuters Lehman Brothers CEO Dick Fuld was smug and reckless, but he wasn’t criminally negligent, a new report says. So despite the public’s blood lust, he won’t be charged for his role in the biggest bankruptcy in modern history.

Dick Fuld may be “grossly negligent” in his role in Lehman Brothers’ historic implosion, but he and other top Lehman executives probably won’t go to jail, according to a long-awaited autopsy released late Thursday.

Fuld’s negligence is the opinion of...