Your company is bankrupt, you keep $480m. Is that fair?

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It was a showdown to cherish for critics of Wall Street's culture of enrichment. The grim-faced boss of the bankrupt bank Lehman Brothers was left squirming yesterday as a veteran Democrat roasted him over his multimillion-dollar pay.

With the startled look of a man unaccustomed to sharp examination, Lehman chief executive Richard Fuld clashed bluntly with the chairman of the House oversight committee, Henry Waxman, on Capitol Hill.

Called on to explain why Lehman collapsed last month, Fuld began with a note of humility, saying he felt "horrible" over the demise of the 158-year-old institution. "I want to be very clear," Fuld said. "I take full responsibility for the decisions I made and for the actions I took."

In a brief speech which was heard in silence, Fuld told legislators that if he could turn back the clock he would do many things differently. As soon as he finished speaking, sparks began to fly.

The chairman of the committee held up a chart suggesting that Fuld's personal remuneration totalled $480m (£276m) over eight years, including payouts of $91m in 2001 and $89m in 2005.

"Your company is now bankrupt and our country is in a state of crisis," said Waxman, a liberal from California. "You get to keep $480m. I have a very basic question: Is that fair?"
  1. groups:
    WTF,   Election 2008
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    WTF,  Election 2008,  Stock Market,  Evil, 4 more + add
jennyschu
  • added October 07, 2008

30 comments // Your company is bankrupt, you keep $480m. Is that fair?

  •  

    This guy truly looks like a 800 year old vampire, or is it just me.

    kennymotown
  •  

    HATE.

    larock
  •  

    Good question. A question that never fully got answered by Mr. Fuld.

    MornRail
  •  

    For $480,000,000.00... I'LL take the blame!

    Actually, for that much, I'll take the blame for EVERYTHING!!!

    delas78
  •  
    clemwilson
  •  

    it's easy to take the blame when you're gonna be kicking it in aruba with some piña coladas.

    keeshii768
  •  

    Obama is right. We have to give money to the poor. You see the poor are going to spend there paychecks weekly on products they need and or want. What is this guy gonna buy that is worth $480 million? His money is just gonna sit in the bank for all eternity collecting interrist, which will further suck money out of the economy.

    Weepowopo
  •  

    Most executives at major financial institutions get paid that much, and Fuld definitely didn't want his company to go under. He can't be blamed for accepting the same pay as his constituents.

    Draper
  •  

    These executives are what brought their companies down and they should be penanlized by the Feds taking that money and putting it back in the Federal reserve. We, the hardworking people of this country, should not have to carry the burden of these overpaid executives. They have the money, they are the ones who screwed their companies, so they should shoulder the blame by paying back whatever money they haven't already squandered and owing the people of this country the money they have squandered. They were paid these huge salaries to keep their companies in business, they failed, they shouldn't be paid for failing.

    rtg
    • rtg
    • 1 year ago
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    wiredbirds
  •  

    The country is bankrupt
    They took $700 Bil

    NeoDotCom
  •  

    if your company is going under the first thing to get cut is those 9 digit salaries. that is criminal, and now we the people of the united state, that have been betrayed by our Union , insure domestic growth and security of the private sector, provide for the oligarchy's defense, destroy the general Welfare, and renounce the Blessings of Liberty to ourselves and our Posterity, do ordain and establish these ear marked bills to give more power to the people that would have and are enslaving you to do there bidding.

    just another day in the USA. wake up people this has been going on scene the birth of this country

    4th_Wise_Man
  •  

    Is business ever fair?

    Who cares if what he did was fair- we should be attacking these criminals on legal grounds not moral grounds.

    flyingkick
  •  

    Fuld as other Ceos and the Bush administration should all be hanging from a tree!
    The double standard continues!

    Its the equivalent of "economic terrorism!"

    rubykey
  •  

    Gee I wonder who Fuld voted for in the past?

    rubykey
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    wiredbirds
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    Thieves have no morals that's why they are thieves so never ask a thief - is that fair? He will never be able to answer, he's guilty of stealing your money. Ask him to return the money or face the legal consequences of his crime.

    Mr. Fuld has admitted that he took about $350B from the bankrupt Lehman Bros. so he has at least half of the $700B Wall Street bailout money the Bush government asked us to give these corporate bullies.

    asteroid
  •  

    Newsweek: Don't fall in love with a house.

    http://www.newsweek.com/id/162691

    jennyschu
  •  

    You know what's not fair? Life.

    Neghie
  •  

    This man is dissing everyone of us.
    Remember that Jesus said it would be easier for a camel to pass through the eye of a needle than for a rich man to gain heaven.

    Questionable at best if this man is going to be happy in the next life.

    SonofLiberty1
  •  
    Image...

    Is this CNN Money piece more relevant for you? How about giving people a 30-year fixed mortgage at 5.87%? See the Current Mortgage Rates posted beside the article from Bankrate.com. Did this not exist 2-years ago?

    Did they have to steal these people hard earned down-payments and 2-years of mortgage payments? Do you know that this money was some people's life savings? This is fraud and someone should have to pay back these poor people their money.

    Lehman Bros. bankrupt but CEO has $350M to ride off into the sunset. Do you know that Martha Stewart was sent to prison for less than this?

    Shame on Bush and all his cronies!

    asteroid

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