He should’ve known when they kicked him out of his corner office at 745 Seventh Avenue.
Dick Fuld, Bloomberg reports, will be out of Lehman Brothers by the end of the year, with no bonus.
We hope they actually tell him instead of continuing with the Office Space-like pattern of this development and just stop paying him, move his desk down to storage room B and take his stapler. If that happens to Fuld, call the fire department.
Bloomberg: Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld, who took home $34.4 million in pay in 2007, will leave the bankrupt company by the end of the year without any bonus, a person familiar with the matter said.
Fuld, 62, has been helping lawyers and other professionals disperse Lehman’s assets to pay creditors since the fourth- largest investment bank filed the biggest U.S. bankruptcy Sept. 15 in New York. His role will likely be filled by Bryan Marsal of Alvarez & Marsal, Lehman’s restructuring officer, according to two people familiar with the bankruptcy case.
A large departure bonus for Fuld would have been illegal under U.S. bankruptcy law, said Lynn LoPucki, a law professor who teaches at Harvard University and the University of California. Severance payments to insiders are limited to 10 times the termination money paid to other full-time employees, he said.
Now the real question: What will happen to his secretary? Or has she already been given the boot? Someone find her a better job. She was so chipper during Lehman’s lows.
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