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Lehman CEO Richard Fuld paid £172m since 2000

The CEO of Lehman Brothers, Richard Fuld, admitted he took more than £172m in pay and bonuses from the bank since 2000.

Under questioning before the House Oversight and Government Reform Committee Fuld said he did not receive the initial estimate of £276.2m.

Fuld added that the executives of Lehman owned a large proportion of shares, to ensure they acted in the best interests of shareholders.

He said: “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.”

Fuld said he took responsibility for his decisions and defended them as prudent and appropriate.

Committee chairman Henry Waxman criticised Fuld for continuing to seek out multi-billion dollar bonuses for departing executives in the run up to the bank’s collapse.

He said: “In other words even as Mr Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation.”


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And the band played on

The clarification by the Conservatives of their proposal to increase the nil-rate band for inheritance tax to £1m was well reported when made only a few weeks ago. Since then, we have had some more serious issues to consider in the shape of the extreme financial turbulence experienced over the past few weeks and it would be something of an understatement to say that most of us have been too preoccupied by events on both sides of the Atlantic to give too much thought to IHT.

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