Monday, October 6, 2008

His half-billion dollar compensation wasn't really that much

When asked if he really had received almost a half-billion dollars in bonuses in the last eight years, Fuld said "his compensation was not quite that much." How cute. If this isn't a "let them eat cake" moment, then I don't know what is. In the wake of the $700 billion "bailout", heads literally need to roll. Let's put "execute" back into "executive."
clipped from
Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.
As well, executives who feared for their bonuses in the company’s last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: “I’m not sure what’s in the water.”

Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: “Is that fair?”

Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.

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