Congress grills Lehman boss over 500-million dollar wages

Tuesday October 7, 2008, 8:46 am WASHINGTON (AFP) - US lawmakers Monday grilled the head of Lehman Brothers demanding he justify some 500 million dollars he had earned since 2000, as well as huge bonuses sought for top executives even as the bank failed. Richard Fuld, the chief executive officer of the investment bank which fell prey in September to the credit crunch, was called to account by the House of Representatives oversight committee. The hearings are the start of a series of probes promised by Congress which on Friday passed an unprecedented 700-billion dollar rescue package to shore up Wall Street, amid the country's worst economic crisis since the Great Depression in the 1930s. Committee chairman Henry Waxman targeted Fuld, saying over the years he had earned some 500 million dollars in bonuses and wages from Lehman... [read full story]                    

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