Waxman questions Fuld about planned $23.2 Million in bonuses to Execs.
Waxman asks Lehman CEO who received $480 Million in salary, if that is fair?
Monday, before the House Oversight and Government Reform Committee, members learned that Lehman was planning to give millions in executive bonuses, while asking for government help. As Congress tries to unravel through a series of hearings, how the collapse of Lehman’s came about. Lawmakers are angry over Friday’s bailout vote, they wanted a face to put the blame on for the financial fiasco that has rocked Wall Street.
That face was Richard S. Fuld Jr., the Lehman chief executive who sat for a two-hour-plus grilling before the House Oversight and Government Reform Committee as the panel combed through his pay history, management practices and financial strategies.
“You made all this money by taking risks with other people’s money,” Rep. Henry Waxman, D-Calif., the panel’s chairman, said. “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.”