Lehman Brothers executive pay was increased before bankruptcy

Turkmenistan News.Net
Monday 6th October, 2008

Richard Fuld, the former head of failed US investment bank Lehman Brothers, has told Congress that his pay over the past eight years was about $300 million.

Mr Fuld, whose firm went bankrupt last month, made his salary package public when asked the question by the House Oversight and Government Reform Committee.

The panel is holding its first hearing into the cause of the financial crisis, with committee chairman Henry Waxman saying there must be real reform of the financial markets.

Waxman criticised Mr Fuld for requesting multi-million dollar bonuses for departing executives just days before last month's collapse.

Mr Fuld defended his actions as 'prudent and appropriate,' based on information he had at the time, but said he had since felt 'horrible about what happened.'

Lehman's failure set off a financial panic which prompted a $700bn rescue package approved by Congress.

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