October 7, 2008
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.
- A d v e r t i s e m e n t
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.
The American government let Lehman go under on September 15, only to bail out insurance giant AIG the next day, in a cascading series of financial shocks and failures that put Washington on track for the multibillion-dollar rescue starting the end of that week.
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