October 6, 2008

Fuld Earned That $350 Mil

"You made all this money by taking risks with other people's money," Rep. Henry Waxman, D-Calif., the panel's chairman, said. "The system worked for you, but it didn't seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy."

A subdued Fuld opened his testimony declaring, "I take full responsibility for the decisions that I made and for the actions that I took," but he conceded no errors or misjudgments in the chaotic period that led to the firm's bankruptcy.
And he said a compensation system that he estimated paid him about $350 million between 2000 and 2007 even as the company headed for disaster was appropriate. Source

Humm, I wonder which banks he deposited it in? Switzerland?

Appropriate – has become one of the most misused words of this decade. Note the similarities in attitude between Fuld and our own Ron Huberman regarding his pension and in the next breath his need to raise CTA fares.

Meanwhile, Joe six packs and hockey moms can just puck off.

1 comment:

Kristi said...

Although this isn't much of a consolation, at least Fuld got a teeny bit of what he deserves (although I don't condone violence, he definitely had it coming)...

Lehman CEO Punched at Gym