Romney Institute Of Public Management

When Richard Fuld appeared before a U.S. Congressional hearing on October 6, 2008, Republican congressman, John Mica, told him, “If you haven’t discovered your role, you’re the villain today. You’ve got to act like a villain.” Mr. Fuld was the Chief Executive Officer of Lehman Brothers, a storied financial services company that went bankrupt on his watch. And, while the company was failing Fuld was paid about half a billion dollars.

Nicholas Kristof wrote about this compensation package in The New York Times on September 17, 2008: “Last year, Mr. Fuld earned about $45 million, according to the calculations of Equilar, an executive pay research company. That amounts to roughly $17,000 an hour to obliterate a firm.”

Many Multi-Million Dollar Pay Packages

Scores of other executives in other companies have received similar amounts of money to Fuld. As Mr. Kristof points out, “Three decades ago, C.E.O.’s typically earned 30 to 40 times the income of ordinary workers. Last year (2007), C.E.O.’s of large public companies averaged 344 times the average pay of workers.”

Among those receiving generous bonuses were executives at the American International Group (AIG), a company deeply involved in the sub-prime crisis. As the BBC reported on March 2, 2009, the corporation set a new world record for financial failure: “Insurance giant AIG has reported a loss of $61.7 billion…in the final three months of 2008 - the largest quarterly loss in corporate history.”

However, despite those staggering losses, the company’s senior managers rewarded themselves with bonuses of $165 million. And, the money to pay for those windfalls came out of the $180 billion American taxpayers have put into the company to keep it from going bust.

The word “outrage” doesn’t do justice to the feelings of the general public, although it was the word most frequently uttered, even by President Barack Obama. On March 16, 2009, he said, “How do they justify this outrage to the taxpayers who are keeping the company afloat?”

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