Lehman board recommended $20 million in executive ‘special payments’ while filing for bailout.
Lehman board recommended $20 million in executive ‘special payments’ while filing for bailout.
The AP reports that Lehman CEO Richard Fuld admitted to Congress today that he has taken home over $300 million since 2000, “some $60 million in cash compensation.” Furthermore, “executives who feared for their bonuses in the company’s last months were told not to worry,” even as Lehman plead for a federal bailout. Waxman revealed that “the board give three departing executives over $20 million in ‘special payments.’” Watch it:
“In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation,” Waxman said. Transcript:
WAXMAN: Mr. Fuld also mocked the Neuberger suggestion that top management should accept responsibility by giving up their bonuses. His response was: “Don’t worry – they are only people who think about their own pockets.”
Another remarkable document is a request submitted to the compensation committee of the board on September 11, four days before Lehman filed for bankruptcy. It recommends that the board give three departing executives over $20 million in “special payments.”
In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation.
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Make them give it back.
October 6th, 2008 at 9:39 pmCome on now, it isn’t like they do something important like teach your kids, fight your fires, police your streets, or raise your crops. These folks do really important shit that requires real compensation…
October 6th, 2008 at 9:41 pmMaybe these are the fundamentals of the economy they keep saying are so strong…
Jess sayin’…
October 6th, 2008 at 9:45 pmI suppose I should be shocked or disappointed, but what can you expect when the only cultural values espoused in this country are fame and fortune.
October 6th, 2008 at 9:48 pmso what are we going to do?
October 6th, 2008 at 9:48 pmscavange from their trash cans and share what we find…
October 6th, 2008 at 9:57 pmobama supported this sham bill, even while lying in the last debate and while running dishonest campaign ads that said he would help “main street.”
We do need to hold ALL politicians accountable for their actions especially when the public OVERWHELMINGLY IS AGAINST this sham.
A wasted vote is when we do not hold politicians accountable.
October 6th, 2008 at 10:27 pmIt is disgraceful that Congress is spending our childrens’ and grandchildrens’ futures on these criminals.
October 6th, 2008 at 10:28 pmDoc – remember who it was that pushed this disgrace through.
October 6th, 2008 at 10:32 pmAnd it will take MORE THAN YOUR GRANDCHILDREN’S LIFETIMES to pay for this sham – remember, there will be interest.
Between the war crimes & crimes against humanity (Iraq) and this sham – the criminal cabal behind dur chimpfurher (and the repugs & DEMS that have enabled it all) have created a never ending cash-stream for the folks he represents.
It will NEVER be paid in full.
October 6th, 2008 at 10:34 pmThe messed up shit which has happened has happened and we are on the hook for it. The only thing we can do is tighten our belts, conserve, conserve, conserve, and share what we may have with those in need. Everyone has a unique skill set and access to resources. The underground barter economy is the futrue.
October 6th, 2008 at 10:34 pmThey sequestered $2.5 billion for New York bonuses. Last I knew the bankruptcy judge hadn’t changed it, despite challenges from Lehman’s European division.
Guess who can get their share, Bush cousin George Herbert Walker and brother Jeb.
October 6th, 2008 at 10:43 pmdbadass:
You have it all wrong. Don’t you realize that when the economy sucks it is your duty to your country to blow your money on trinkets made in China?
Is this thing really turning into a generation-defining series of events? It is starting to feel like it.
October 6th, 2008 at 10:59 pmFuld me once, shame on me.
Fuld me twice, shame on…
…I’ll never be Fuld again.
October 6th, 2008 at 11:31 pmwizard2000 Says:
Fuld me once, shame on me.
Fuld me twice, shame on…
…I’ll never be Fuld again.
You ARE talking about McSame correct? Not the quote, but the getting fuld again crap.
I love listening to the whiny whiny Republitards. They are APPOPLECTIC over Obama. Abso-fcuking-lutely Apoplectic. I can’t wait until we rustle them out of their hidde holes into the street where we get to hand them for treason.
October 6th, 2008 at 11:57 pm“where we get to HANG them for treason.”
Damn eyeballs, I curse you bad eyeballs.
October 6th, 2008 at 11:59 pmWhen Northwest Airlines went into to bankruptcy they told us believe it or not to go dumpster diving for clothes, food and anyhing else we needed to make it……We should make the top 5 percent do the same.
October 7th, 2008 at 12:35 amRat bastards.
October 7th, 2008 at 12:40 am.
Only in America…
… I can swindle millions from duped investors AND walk away unscathed.
WHEN’S THE PRISON SENTANCING?
.
October 7th, 2008 at 1:10 amLet us sue them for all their worth, and when Bush steps down, let us (and Iraqis) sue their asses too. It’s the only thing these bastards are afraid of: being stripped of their precious wealth.
They’re fine gambling with ours but when it comes to theirs: “Bring the taxes down, smaller government, waah, waah”.
October 7th, 2008 at 4:21 amThis is where I don’t believe in the trickle down theory. What do these people do with this money after they have bought the mansions, cars, vacations, tucked some away in foreign banks? Are all these people reinvesting these big bonuses in our economy? Handing out bonuses while the U.S. economy goes bust? I don’t understand. When is too much too much? There is the always the conservative complaint about poor people getting something for doing nothing. How about getting too much for doing something? (Obviously, it would be a good idea not to be giving way money for nothing. MY nothing and your nothing or something might not match.)
October 7th, 2008 at 7:12 amUnfortunately, fraud will have to be proven in order for jail. The real issue is that all these boards are incestuous, populated with other CEO’s from other companies. That is the true problem. They have rigged the system and serve on each others ‘compensation committees’ where they gladly approve these ridiculous salaries.
October 7th, 2008 at 7:19 amI was part of a layoff last year of 1,000 people where the CEO came in and said to the company, we have to become ‘lean and efficient’ and these are challenging times. This company’s net profit was $300 million…NET. What did this CEO do to make the company lean and efficient? Laid of long time staff, gathered back up the unvested shares (the company just went public), and paid himself $19 million. HIs right hand man got $9 million. It is the staggering hubris and greed of these types of people that lead to the current collapse. And the media plays along by highlighting the lifestyles of these people, which makes Joe Average feel like he’s not making it. So Joe Average makes stupid decisions with his money in order to live the ‘good life’. Well this is all coming crashing down on all our heads.
October 7th, 2008 at 7:27 amThe rape of America continues before our very eyes !!!!!!!!!!
October 7th, 2008 at 8:23 amHow un-American can you get seems to be the their mantra.
October 7th, 2008 at 8:44 amLadies and Gents, please.
There is nothing at all “un-American” about any of this. It is all strictly legal, in the strict legal sense of the word.
Oh, you don’t think it’s ‘moral?’
Tough titties! (Wow, that Saracooter’s packin’ quite a rack, ain’t she?) There is one and only one ethic in Bidness: Get Yours, and Phuque anybody in the way.
It’s the Murkin Way, friends. Why do you hate Murka?
October 7th, 2008 at 9:53 amFuld is a greedy piece of corporate, fat cat sh*t that deserves to be fed to the zombies for his crimes. He’s just another in a long, sad line of corporate big wigs with golden parachutes who make it their last act to pull that ripcord when things go bad, thus f(uking over the American public in the process.
If this nation’s government ever goes socialist, a**holes like Fuld and d*ckheads like Ken Lay will be listed one of the primary reasons (that and the GOP).
October 7th, 2008 at 11:08 amSickening. If this was Japan, the shamed execs of this and other FAILED corporations would resign in disgrace or commit ritual suicide without taking the equivalent of one cent from the coffers.
This makes me glad that I don’t have kids. With role models like this, I would find it very hard to define right and wrong for them. Apparently, crime does pay after all.
October 7th, 2008 at 11:42 am