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.”
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."
Posted by Thom Foolery at 1:32 PM