Also see: Lehman Brothers Looting Job
"Lehman chief grilled on pay, leadership of company; Accepts blame but says other factors at play" by Jim Puzzanghera, Los Angeles Times | October 7, 2008
WASHINGTON - The chief executive of Lehman Brothers Holding Inc., whose bankruptcy filing last month dramatically escalated the financial crisis on Wall Street, faced angry lawmakers yesterday and defended his leadership and the millions of dollars he and other executives made as the company's troubles mounted.
Yesterday's hearing was the first of at least five Waxman plans to hold on the causes of the financial crisis, which led to the Wall Street bailout plan passed by Congress last week.
Just like the CONTEMPT CITATIONS, this is POLITICAL POSTURING and a BULLSHIT FOOLEY for the American public!
Hey, Waxman, what ever happened to the SUBPOENA of CONDI RICE?!?
Yup, what I thought!
Documents showed the company's executives "continued to squander millions on executive compensation," Waxman said, even as Fuld was seeking a bailout. Between 2004 and 2007, Lehman paid $16 billion in bonuses, with Fuld receiving $30 million in cash bonuses and more than $260 million in total compensation during that time.
In one e-mail exchange in June, Fuld criticized a suggestion from Neuberger Berman, its money management subsidiary, that Lehman management should forgo bonuses this year for a "significant expense reduction" as well as to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."
Waxman cited another document showing Lehman recommending four days before the bankruptcy filing that three departing executives received more than $20 million in "special payments." --more--"