The head of failed US investment bank Lehman Brothers has told Congress that he took home about $300m in pay and bonuses over the past eight years.
Richard Fuld, whose firm went bankrupt last month, made the statement during testimony before the House Oversight and Government Reform Committee.
that took home is crucial, because he basically cashed in.
Mr Fuld said he took “full responsibility for the decisions that I made and for the actions that I took” and defended his actions as “prudent and appropriate” based on information he had at the time.
“I feel horrible about what happened,” he added.
Lehman’s failure set off a financial panic which prompted a $700bn rescue package approved by Congress last week.
why isn’t this guy required to surrender any money he made and then be sent to some sort of correctional facility? or at least made to go work in some steel mill in Guanghzou or wherever they’re coming up nowadays?