Disgraced chief of failed bank Lehman Brothers pocketed £172million before collapse

Disgraced chief of failed bank Lehman Brothers pocketed £172million before collapse

www.dailymail.co.uk

The disgraced head of the giant investment bank whose collapse set off a panic which led to the US economic rescue package took home more than £172 million since 2000, he told the U.S. Congress.

Richard S Fuld Jr, chief executive officer of Lehman Brothers, ignored a warning that the bank's 'liquidity can disappear quite fast' and dismissed suggestions that staff may not get their bonuses.

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress heard.

(visit the link for the full news article)

This story is a week old but still needs highlighted. Corporate greed such as this is sickening. As with AIG execs taking a $500,000 retreat to a luxury hotel days after the bailout, what incentives do these wreckless and immoral 'captains of industry' have to steer their businesses away from financial meltdown when the gov't bails them out?

Surely this should be a crime? I call theft - theft of taxpayers money!

www.dailymail.co.uk
(visit the link for the full news article)

Nothing personal but if you just type "AIG" into the forum search you'll find 11 different threads on this in the first page alone.

reply to post by mythatsabigprobe


Ok cheers for the 'heads up!'