Lehman CEO Fuld To Be Terminated Without Golden Parachute

The chief executive of the failed Lehman Brothers, Richard S. Fuld Jr., will be "terminated" by the investment firm without any bonus, a lawyer for Lehman said Wednesday.

"His employment will end at the end of the year," Lehman's lead bankruptcy lawyer, Harvey Miller of Weil, Gotshal & Manges, told Bloomberg News during a break at a hearing in Federal Bankruptcy Court in Manhattan. "He is being terminated. He will receive no severance or bonuses."

Last year, Mr. Fuld was paid $34.4 million.

Mr. Fuld, 62, stayed on as chief executive while lawyers and other professionals disperse Lehman's assets to pay creditors after the big investment bank sought protection in the biggest American bankruptcy case on Sept. 15 in New York.

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Comments

[McWankasaurus]

should be tried for crimes against the country.

oh wait. he embodies the values of the country.

oh wait, we got tired of that shi-te when we realized not everyone gets to play.

the sheep finally looked up.

[Novista]

If all the truth of JP Morgan Chase came out, it'd make Fuld look like an angel by comparison.

[Seamus45]

A Fuld and his company are soon parted.

[useyourbrain]

He should have to pay stockholders and the government back the money he "stole" with interest.

Crooks like these will destroy the world's economic system. There can no longer be "theoretical" assets. They have to be real. CEO income has to be real and if the company is to make money it should go to the stockholders.

Maybe it's time for new corporate regulation. Board members cannot own voting shares, only dividend shares. Let them put the mouths where the companies money is. Let their income really be dependent upon the productivity of the company. Stricter limits on any buying/selling of shares they own.

But get the election controls away from the Boards and onto shareholder boards.

If the US corporations could have the form of "socialism" where the workers and the investors make the decisions, and make the money or suffer the losses, then companies would be run much more efficiently and "greener" since, in the long run it saves costs, lives, health insurance, etc.

[PT6]

HONESTY is slowly being restored!

There is HOPE for the Future of Wall Street and AMERICA!

We will see MUCH MORE of this as clearly these Managers have FAILED beyond compare.

[WIpatriot]

That's what happens when you're an outsider on Wall Street. The real criminals are still operating freely.

[PT6]

I said it is a SLOW START AND Hope is just beginning to show!

I agree 100% they are still OPERATING without full regulations!

MUCH MUCH more needs to be done!

[PT6]

I analyze 13,500 stocks automatically every night!

But is good to know that "INSIDERS" are around to remind us about their corruption!

[DosaHut]

no severance, and only $34 million salary?
How wlll he manage?

[Samalabear]

My heart bleeds. I agree with the poster below: the moral of this story is what? Crime pays and pays well when it's cloaked in the robes of "legality."

[Pdubya]

I wonder what dirt he knows?

how about AIG? Goldman Sachs?

Oh, thats right Kashkari is busy meeting with the Treasury and the Sharia Financial Compliance forum. And no, that is not a racist statement....it is fact.

http://www.actforamerica.org/index.php/learn/email-archives/494-us-treasury-department-to-host-shariah-compliant-financing-forum

Political and Financial sabotage all rolled into one! How wonderful.

[DanBest]

OH MY GOD! IT'S THE END OF WESTERN CIVILIZATION! Our only hope is to immediately corrall all unAmericans (you know who you are) and put them into concentration camps before Sharia law is enacted in the US of A.

Paranoia: the gift that keeps on giving.

Get a life and some good meds. You're going to need both.

[Pdubya]

what is paranoid about reality?

what are they doing there? sipping tea?

[Deken]

"Last year, Mr. Fuld was paid $34.4 million."

So, what's point of this story? Is there some kind of lesson we're supposed to learn?

Crime pays...it pays well.

[OregonCitizen]

I say that if WE have to bail out the auto industry that ALL executives take a 50% pay cut. How about you guys????

[musselmanm]

I think we should propose a lemon law for Ceos and other corporate officials that clearly are only money grubbers and do not give a CRA---P about the companies they are leading to failure.

[AlligatorShuz]

I could care less about Lehman Brothers and all of the other investment banks they should all fail.

[dalkowski]

2nd best news this week.

[ChaiKat]

Oh gee, my @ss bleeds for him. He still took home over $34 million last year, so maybe if he writes down a budget he'll be okay for a couple of months. Maybe I can forward him my little excel budget page, I doubt at the end of inputting his monthly expenses he'll have all of $20 left to get him through another month. *rolls eyes*

[PT6]

If this is TRUE then HONESTY is slowly being restored!

If this is true then there is HOPE for the FUture of Wall Street!

We will see MUCH MORE of this as clearly these Managers have FAILED beyond compare.

[duze]

Fire him and take every cent he has to get families back into their homes. The next corporate thief will give it a second thought, before he ruins others lives.

[duze]

I hate the fact that these corporate thieves always manage to get their's coming and going. They make hugh salaries while robbing the country. Then, their hired to assistant with the bailout. Like I said,
they get theirs coming and going. It's a sin. People are living in abandoned buildings, cars and alley ways while hard working people have been robbed, abused and abandoned. Again a sin.