In the midst of Lehman’s collapse many wondered, where’s Dick Fuld? He hasn’t spoke to the press or his former employees and both groups have a few questions for him. Well, he can’t hide forever. The government wants to drag him to Washington to figure out what he did for seven months as his company fell apart.
Dealbook:The committee, led by Henry A. Waxman, a California Democrat, sent a letter to Mr. Fuld on Tuesday requesting his testimony at a hearing next week, which will examine the “regulatory mistakes and financial excesses” that led to Lehman’s downfall.
If he takes up the offer, Mr. Lehman will be the latest Wall Street chief to be grilled on Capitol Hill.
And it’s not just the collapse of Lehman that has politicians salivating at the prospect of spanking him in public. It’s also the fantastic salary–$466 million in the past 15 years–Fuld grabbed while overseeing the destruction of the century old firm. Politicians love to scold highly paid Wall Street executives:
Charles O. Prince, the former chief of Citigroup, and E. Stanley O’Neal, who once led Merrill Lynch, testified at a hearing in March, where they were asked to justify the multimillion-dollar pay packages they received even as their companies posted huge losses because of the credit crisis.
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