CEO of Lehman brothers is to receive a $22 million dollar retirement package

[Ichingcarpenter]

They toned down the package is the spin.

[Nikki Stone1]

1. WTF?

:wtf:

[Ichingcarpenter]

4. WTF? Is what I said too.

[ginnyinWI]

rewarded for doing such a great job!

:sarcasm:

[supernova]

2. He should get exactly $1

and the clothes he wore to work.

That's it.

Well, I can dream, can't I?

[SammyWinstonJack]

3. Unbelievable !

:argh:

[readmoreoften]

5. The next American Revolution will be more French.

[billyoc]

6. Plus burial in secret so his grave isn't defiled.

[MikeNearMcChord]

7. This country needs an economic version of the Nuremberg trials

Some of these CEO's, fund managers and Treasury officials need to face trial

[Sanity Claws]

8. If Lehman is in bankruptcy,

then this contract is subject to change.
I sure hope so.

[yodoobo]

19. Funny how that works........

Remember its the Lehman HOLDING company that is in bankruptcy. Not the actual brokerage.

Oh don't think for a minute that debts they want to restructure haven't been placed into bankruptcy company, and debts they want to pay are in the non-bk company.

[Sanity Claws]

23. So which CEO is getting the package?

The CEO of the holding company or the brokerage?
Is there a link available?

[Ichingcarpenter]

9. Just watch what happens to the other employees' retirement packages

I'm sure Lehman is just as generous.

[ProfessorGAC]

10. Only $22 Million? With His Great Success?

I'm shocked that he only got that. After all, everything went so well.
The Professor

[MercutioATC]

11. Peoples, it has nothing to do with his "right" to a bonus...it's contractual.

The contract he signed gives him $22M under whatever circumstances he's getting it. It could have just as easily given him $45M...or $10k...or nothing.

The point is that it wasn't given as a "bonus" for anything, it's in the contract that he signed.

[crazylikafox]

14. Yea but Co's bankrupt. He should stand in line with other creditors

[supernova]

18. Exactly

And 401Ks for workers and other compensation are contractual as well.

[yodoobo]

22. I'll believe that when I see it

Remember, not all of Lehman is under Chapter 11. Only the holding company has filed bk.

Dollars to donuts, the employees will be standing in line with the creditors, while upper management is being paid by a "fully liquid" shell company.

[lpbk2713]

12. And the low level peons are lucky to be able to collect their own personal items out of their desks.

WTF is wrong with this picture? The corrupt and evil rethuglicans have had too much power for too damn long.

They created a "you're lucky to have a job" environment when they sent as many jobs as they could overseas.

And then from there the rich got richer and the poor got screwed.

---

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[redqueen]

13. Didn't we take the money back from these people during the depression?

Why have people become so acquiescent to the rich?

[HamdenRice]

15. I would also like to know how much he lost personally

He should not walk away with a dime, let alone $22 million. But to balance this, I would like to know how much he lost in the disappearance of his equity in Lehman. If he obeyed the law, then he could not sell his stake in Lehman as it plummeted (that would be insider trading).

I see nothing wrong with him losing everything and not getting a severance package. He's a big boy and could instantly earn more than you or I make in a year in a few days of consulting.

[vanderBeth]

16. This just pisses me off.

:argh:

[bdamomma]

17. unbelieveable

what pigs.

[C_U_L8R]

20. Must be a McCain supporter

the same old Enron bullshit going on here

[Starbucks Anarchist]

21. Can his employees beat their lost money out of him?

[LeftyFingerPop]

24. Only $22 mil? How will his family manage to get by?

:sarcasm:

[bullwinkle428]

25. This is more than the Fannie Mae & Freddie Mac CEOs got last week -

some spinmeister commenting on NPR was stating that this was relatively modest in comparison to other "golden parachutes" as well...

[Lasher]

26. Lehman CEO Richard S Fuld Jr 2008 Compensation

Lehman CEO Richard S Fuld Jr

Total Compensation (2008)
$71.90 mil

5-Year Compensation Total
$354.03 mil

Salary $0.75 mil
Bonus $4.25 mil
Other $26.62 mil
Stock Gains $40.28 mil

http://www.forbes.com/lists/2008/12/lead_bestbosses08_Richard-S-Fuld-Jr_A9P0.html

It is likely that Fuld will experience significant stock option value. It is not unheard of, however, for a friendly BOD to restate option exercise prices to alleviate CEO suffering when stock prices plummet.

CEOs of Fannie and Freddie are being denied golden parachutes. But these are typical (and shameful) guarantees of enormous additional awards given to senior management if they leave the company involuntarily by just about any definition you could imagine, and probably some you can not. I have seen nothing that indicates either of these two CEOs will lose any of their salaries, bonuses, or any other annual compensation - except for possible impact on options as discussed above.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=384482&mesg_id=384490

Over the past decade or so many companies have established 'untouchable' pensions for their senior executives. They pay up front into a fund outside the corporation, in contrast with more conventional pensions that are future liabilities to the employer. In this manner they are able to furnish CEO pensions that are immune to all claims, regardless of whatever fiscal turbulence that might befall the corporations.

[Yavin4]

27. And John McCain Is Fighting for His Tax Cut

The Obama campaign should put this CEO on a poster and say, "John McCain is fighting for a tax cut for this man".