Lehman Brothers chief paid over $300mill
The head of bankrupt American investment bank Lehman Brothers has revealed to Congress that he took home around $300 mill in annual pay and bonuses in under ten years.
Richard Fuld told a Congress panel set up to try and determine the cause of the current finanial crsisis that in an eight-year period he was paid around $300 mill.
The panel’s Chairman, Mr Waxman criticised Mr Fuld for requesting multi-million dollar bonuses for departing executives just days before last month’s collapse and while enaged in talks with the US government over a potential bail-out.
The former head of Lehman Brothers defended his actions as, “prudent and appropriate” in relation to information he had at his disposal.
The collapse of Lehman Brothers sparked a $700bn rescue package that was approved by Congress last week in its second draft form.
