CEO of bankrupt Lehman brothers bags $480 million
Richard Fuld - CEO Lehman Brothers
Lehman CEO, Richard Fuld’s take home ever since 2000 amounted to a whopping 480 million dollars with his biggest take home amount coming in 2006 at $106.2 million after a huge stock sale, while his take home for 2007 was $45.4 million. Oversight Committee chairman Rep. Henry Waxman (D) questioned whether his enormous salary from the ‘extinct’ company was fair and whether the documents provided provided were accurate. Rep. Waxman further went on to question Mr.Fuld whether receiving half a billion dollars was fair under the current financial crisis the country was going through to which Mr. Fuld replied with a somewhat unconfident defense that result in a “I took home $250 million”. Rep. Waxman further criticized how executives reap benefits whether a company is going in a loss or gain.
The financial crisis in USA has been a big loss for many people; majorly in USA, but also in the rest of the world. However, the age old idiom of “One man’s loss is another man’s gain” stands true in this dire crisis as Richard Fuld walks away from it with a chestful of treasure and bearable amounts of shame.
Corporate culture is fit for all those out right ambitious, self-centered bastards and unfortunately the world we live in has turned into a place where an honest man can’t survive for long.
When will things change?
