Last month, we told you guys the troubling news that Lehman Brothers would seek bankruptcy protection after it failed to find a buyer to bail them out.
Well, it looks like Lehman Bros. CEO Richard S. Fuld, Jr. has some other serious problems of his own to deal with.
Fuld was recently attacked at the company gym, shortly after it was announced that the company was going bankrupt.
Craziness!
Fuld was on the treadmill when a man, who was lifting weights in the corner of the gym, came over and knocked him out.
At this moment, no further details about the attack are being released.
As for Lehman, he was before the U.S. House Oversight and Government Reform Committee on Monday for over two hours getting grilled on his “pay history, management practices and financial strategies.”
The panel’s chairman, Rep. Henry Waxman, told Fuld “You made all this money by taking risks with other people’s money. The system worked for you, but it didn’t seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy.”
Ouch.
At least he didn’t punch him!
Fuld he didn’t admit to any errors or misjudgements in the time leading to the firm’s bankruptcy. Though, he did say, “I take full responsibility for the decisions that I made and for the actions that I took.”
Fuld received about $350 million in salary between 2000 and 2007, even while the company was headed for disaster.
And, to defend himself, all he said was, “We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders.”
We think shareholders want to get their banks full of millions, not the CEO’s account!
[Image by Carrie Devorah via WENN.]
-
Categories
