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Tuesday, October 07, 2008

He took home what?

Laughing all the way to the insane asylum - where he belongs. Good example of money as a religion...
And I thought I am the only one who is independently poor...

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Lehman Bros head took home $300m

Richard Fuld: "I don't expect you to feel sorry for me"

The head of failed US investment bank Lehman Brothers has told Congress that he took home about $300m in pay and bonuses over the past eight years.

Richard Fuld, whose firm went bankrupt last month, made the statement during testimony before the House Oversight and Government Reform Committee.

The panel is holding its first hearing into the cause of the financial crisis.

It is being held amid renewed market turmoil, with shares plummeting further in Europe and the US.

Committee chairman Henry Waxman opened the hearing by saying the credit freeze threatened the entire economy.

"To restore our economy to health, two steps are necessary," he said. "First, we must identify what went wrong. Then we must enact real reform of our financial markets."

'Feeling horrible'

Turning to Mr Fuld, Mr Waxman asked whether it was true he had received $480m (£276.2m) in pay and bonuses since 2000 - and whether this figure was fair.

Mr Fuld replied that the correct total was about $300m (£172.6m).

"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," he said.


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