Your company is bankrupt, you keep $480m. Is that fair?
It was a showdown to cherish for critics of Wall Street’s culture of enrichment. The grim-faced boss of the bankrupt bank Lehman Brothers was left squirming yesterday as a veteran Democrat roasted him over his multimillion-dollar pay.
With the startled look of a man unaccustomed to sharp examination, Lehman chief executive Richard Fuld clashed bluntly with the chairman of the House oversight committee, Henry Waxman, on Capitol Hill.
Called on to explain why Lehman collapsed last month, Fuld began with a note of humility, saying he felt “horrible” over the demise of the 158-year-old institution. “I want to be very clear,” Fuld said. “I take full responsibility for the decisions I made and for the actions I took.”
In a brief speech which was heard in silence, Fuld told legislators that if he could turn back the clock he would do many things differently. As soon as he finished speaking, sparks began to fly.
The chairman of the committee held up a chart suggesting that Fuld’s personal remuneration totalled $480m (