We all know Lehman Brother’s disgraced chief executive Dick Fuld and other top execs received massive paychecks before the bank’s demise, but how about the other employees?
DealBook’s Peter Lattman, citing new bankruptcy documents, reports the payout the bank’s top prop trader received and you will be absolutely floored.
The LATimes’ was the first to report this story.
Robert Millard, the head of Lehman’s proprietary trading operations — the group that traded the bank’s own money — was in line to make $51.3 million in 2007, making him the highest-paid employee on a list of the top-50 paid employees that year. The list shows that he was paid $44.5 million in 2006 and $3.8 million in 2005. Mr. Millard now runs Realm Partners, a hedge fund in New York.
The $51.3 million paid to Mr. Millard approximates the pay package received by Mr. Fuld that year, which, depending on how it was calculated, was worth $40 million to $51.6 million.
To put that into context, the second place guy was paid $20 million less raking in $31.2 million in 2007, according to the report.