Monday, October 06, 2008

Doing it the old fashioned way....

He stole it?
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.
Just what DID he do to earn 300 million ... MILLION .. dollars? Besides running the company into the ground, I mean.

OMG!!! Update shared by Tengrain of Mock, Paper, Scissors in comments:
“From two very senior sources – one incredibly senior source – that he went to the gym after … Lehman was announced as going under. He was on a treadmill with a heart monitor on. Someone was in the corner, pumping iron and he walked over and he knocked him out cold. And frankly after having watched this, I’d have done the same too.”
Ward determined Fuld deserved the beating based on his testimony before the committee.
“I thought he was shameless,” Ward said. “I thought it was appalling. He blamed everyone. He blamed, as you say, ‘naked short sellers’ over and over in case we didn’t get the point, when in fact hedge funds like Harbinger had money locked up in Lehman and was shorting it to try and make the most of the money that they already had. He blamed everybody but himself.”
Lehman Brothers filed for bankruptcy in September 2008 and its assets were later snatched up by the British bank Barclays for $1.35 billion, which included Lehman’s Midtown Manhattan office tower with a $960 million price tag.
Update 10/9: You can vote whether or not the punch was warranted.

2 comments:

Tengrain said...

Yes, so this story will make you feel all better, Ellroon:
http://www.businessandmedia.org/articles/2008/20081006150152.aspx

Regards,

Tengrain

ellroon said...

Oh, Tengrain. How delicious. You have made me very happy!!