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Lehman E-Mail: Execs Mock Idea of Bonus Cut

October 6, 2008 RSS Feed Print

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Just before Richard Fuld, the CEO of the now bankrupt Lehman Brothers, testified on Capitol Hill Monday, House Committee on Oversight and Government Reform staffers distributed a handful of E-mails that they had obtained during their investigation of the company.

Perhaps the most damaging one is the following. In it, two executives—Fuld and George H. Walker, who sits on Lehman’s executive committee and is a cousin to President George W. Bush—dismiss a recommendation that top management forgo its bonuses for the year.

Tags:: Lehman Brothers,; executive pay,; CEOs

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Overallloss of 5:36PM December 22, 2009

"Um, I fail to see what the 'scandal' here is". (from KMan of NY)
It is scandalous to award yourself and your buddies millions in bonuses when the entity for which you are responsible is on the rocks.
It may be in the genetic code of family Bush to reward failure - but that doesn't make it right.

A Lewis of CA 4:48PM October 12, 2008

As i read it, two people went to the firm's board to demand more compensation for themselves. Their boss was embarrassed. I wonder if he knew this was coming. The CEO understood the issue - these people wanted more for themselves.
Should the board of lehman brothers have been focused on paying these people more in June?
I understand the anger towards Wall Street and the Bushes, but there is nothing here.

Fred of CA 7:37PM October 11, 2008

Lehman E-Mail: Execs Mock Idea of Bonus Cut

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