Via ThinkProgress…
The Times of London reports that just three days before going bankrupt, the board of Wall Street financial giant Lehman Brothers “signed off on more than $100m (£59m) in payouts to five top executives.” In the two years prior to Lehman’s collapse, the same executives “were generously remunerated while overseeing forays into risky commercial real-estate investments that helped to bring the company down.”
Well, isn’t that just fantastic? An average of $20 million per exec, just before claiming bankruptcy. One question that immediately comes to mind is, well, “Why the fuck are you allowed to declare bankruptcy if you just had $100 mill sitting around?” Anyone have an answer? I’m at a total loss on that one.
