Meet The Lehman Prop Trader Who Made More Than Dick Fuld The Year Before The Bank's Demise

Robert Millard

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Earlier today, the LA Times reported the jaw-dropping amount of money Lehman Brothers’ top proprietary trader and other employees made prior to the bank’s collapse. In 2007, Robert Millard — who was at the time head of Lehman’s prop trading — was in line to rake in $51.3 million in cash, stock, etc., according to the report citing new bankruptcy documents.  

That’s more than the $40 million the now disgraced CEO Dick Fuld was supposed to make that year.

Millard also had pay packages of $44.5 million and $3.8 million in 2006 and 2005, respectively, according to the report. However, Millard told the LA Times that he had not been paid fully in 2006 and 2007. 

Still, since his pay package surpassed that of the CEO, we wanted to find out more about Millard.  Here’s what we found. 

  • He is currently the managing partner of New York-based multi-strategy, event-driven hedge fund Realm Partners, which he launched in July 2009.
  • He’s the chairman of MIT Investment Management.  
  • Millard started at Lehman brothers in 1970s holding various roles at the bank until its demise in 2008, according to his Bloomberg profile.  
  • He was made a managing director at Lehman in 1983.  
  • He holds several board memberships —  Population Council (trustee), Associated Universities INC, L-3 Communications Holdings and Gulfmark Offshore.
  • He holds a bachelor’s degree from MIT where he graduated in 1973.
  • He earned his MBA from Harvard Business School. 

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