Lehman's response: Hours before the bankruptcy filing, Lehman transferred $2.5 billion from the London office to the American holding company. This money had "accrued as part of group profits from the first nine months of the year" and will be used to pay employee bonuses. As a result, the London office had no funds with which to make the payroll.
Presumably. part of that money will be used to pay a bonus to Lehman CEO Richard Fuld, Jr. Last year he made $71 million. In better times, namely 2006, he was the fifth-highest paid CEO in America. His total compensation was $122.67 million.
Working American taxpayers rightly question whether firms such as this, managed by people such as this, should be bailed out. And question if the bailout will be administered fairly.
Just cause exists for questioning. Should taxpayers be concerned (or outraged) that the fox who wrote the emergency plan and will be responsible for guarding government's $700 billion hen house is Treasury Secretary Hank Paulson?
Paulson, who amassed a fortune estimated to total $700 million during his 32-year career at Goldman Sachs, the main competitor of Lehman?
Paulson, who will be allowed to purchase worthless securities from Goldman Sachs and offshore hedge funds at prices that he alone will determine but probably not disclose, without being subject to congressional or judicial oversight of any sort?
Paulson, who refused to even consider bipartisan calls for tighter regulation or reform after sending his emergency proposal to Congress at 1:30 A. M. last Saturday?
Paulson, whose previous employer Goldman Sachs was granted a request to convert to a bank holding company with full access to the Federal Reserve's emergency loan program by his buddy Bernanke?
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