Lehman Exec: "We were overwhelmed" ... with GREED

The Associated Press reports:

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing.

While hardworking Americans worry about how to pay their mortgage, put their kids through college, and pay medical bills greedy Wall Street executives were stealing BILLIONS.

Tell me this doesn't sound just like George W. Bush talking about the Iraq war:

Richard S. Fuld Jr., chief executive officer of Lehman Brothers, declared to the committee "I take full responsibility for the decisions that I made and for the actions that I took." He defended his actions as "prudent and appropriate" based on information he had at the time.

"I feel horrible about what happened," he said.

Yeah ... ALL THE WAY TO THE BANK.

Rep. Henry Waxman (D-CA), chair of the House Oversight and Government Reform Committee, questioned Fuld about whether or not it was true that since 2000 he had taken approximately $480 million in compensation. Waxman asked: "Is that fair?"

Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.

Yeah ... only $300 million, some $60 million in cash compensation.

Waxman read excerpts from Lehman documents in which a recommendation that top management should forgo bonuses was apparently brushed aside. He also cited a Sept. 11 request to Lehman's compensation board that three executives leaving the company be given $20 million in "special payments."

"In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation," Waxman said before Fuld appeared as a witness.

Rep. Elijah Cummings (D-MD) wondered how Fuld sleeps at night. I'll tell you ... like a billion dollar baby!

These people don't have a conscious. That's precisely why regulations are needed, to rein them in. In fact, many business executives lack a conscious -- because if they HAD one there would be no need for unions to protect the interests of workers, minimum wage laws, child labor laws, affirmative action and a whole host of regulations designed to insure basic fairness.

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