Remember when Lehman Brothers was begging the government to rescue them? Guess what they were doing for their executives at the same time. If you guessed “making sure Lehman executives walked away with millions” you win.
And he said a compensation system that he estimated paid him hundreds of millions of dollars between 2000 and 2007 even as the company headed for disaster was appropriate.
“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,” Fuld said.
That wasn’t good enough for some lawmakers who decried what they called a culture of entitlement at Lehman even as the company’s performance nosedived.
The panel unearthed internal documents showing that on Sept. 11, Lehman planned to approve “special payments” worth $18.2 million for two executives who were terminated involuntarily, and another $5 million for one who was leaving on his own.
Ya gotta love rich people, eh?