Waxman Asks Fuld: 'Is this fair?'
As expected, the House Oversight and Government Reform Committee -- led by chairman Henry Waxman -- has had tough questions for Lehman Brothers CEO Richard Fuld.
Waxman displayed a chart showing that Fuld had received about $480 million in total compensation during the last seven years. Waxman then said Lehman's actions had helped lead to a crisis on Wall Street, causing significant losses for investors. But Fuld gets to keep the money, Waxman pointed out, adding, "I have a basic question for you: Is this fair?"
Fuld said the $480 million figure was not entirely accurate, but acknowledged his compensation was a "large number." He also said: "We have a compensation committee that spent a tremendous amount of time making sure the interests of the executives and employees were aligned with shareholders. My employees owned close to 30 percent of our company because we wanted them to think and act and behave like shareholders. When the company did well, we did well. When the company didn't do well, we did not do well."
-- Michael S. Rosenwald
Please email us to report offensive comments.
Posted by: Chad | October 6, 2008 2:05 PM
Posted by: Venkat | October 6, 2008 2:13 PM
Posted by: John | October 6, 2008 2:16 PM
Posted by: Anonymous | October 6, 2008 2:28 PM
Posted by: Terry | October 6, 2008 2:29 PM
Posted by: bmc | October 6, 2008 2:36 PM
Posted by: villa | October 6, 2008 2:39 PM
Posted by: Anonymous | October 6, 2008 2:51 PM
Posted by: geronimo | October 6, 2008 2:52 PM
Posted by: rjc116 | October 6, 2008 4:08 PM
Posted by: cicho | October 6, 2008 8:52 PM
Posted by: Bob Ham | October 7, 2008 3:02 PM
The comments to this entry are closed.