Richard Fuld, Former CEO of Failed Investment Bank Lehman Brothers, Admits to $300 Million Payout

Richard Fuld, former CEO of the recently bankrupt investment bank Lehman Brothers, appeared before the House Oversight and Government Reform Committee on Monday and admitted he had taken home about $300 million in pay and bonuses over the past eight years.

Fuld revealed the figure after Committee chairman Henry Waxman asked him about a $480 million payout that had been tagged to him. Answering the question Fuld noted, “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.”

Waxman openly criticized Fuld for being self-serving, pointing out he had requested millions of dollars in bonuses for executives just days before Lehman Brothers collapsed. At that same time Fuld had been pushing for the federal rescue plan to help bailout the struggling financial institutions on Wall Street.

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