Allegations That Richard Fuld Lied To Congress Over His Pay

Bloomberg reports that former Lehman Brothers CEO Richard Fuld has been accused of lying under oath to Congress over his pay.

During his questioning before the House Committee and Government Reform last year, Fuld denied that he has received some $485m in compensation between 2000 - 2007, insisting that the figure was less than $310m, as some of his comp was paid in shares that ended up being worthless.

But Oliver Budde, who at one time was an associate general counsel at Lehman, claims that Fuld has understated his Lehman take by around $200m, because of the under-disclosure of the payment of restricted stock unit awards.

Another amazing claim from the Bloomberg article is that law firm Simpson Thacher & Barlett is said to have spent some 889.3 hours helping Fuld prepare for his testimony last year - and that apparently cost Lehman Holdings a cool $491,197!

Finally, CNBC reports that long-time Warren Buffett partner Charlie Munger has said that the problems at Lehman Brothers 'came right from the top', and that Fuld appeared to have been guilty of 'megalomania' and 'isolation'.

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