Tell Congress: Stop Wasteful Corporate Spending
While the investment bank Lehman Brothers faced bankruptcy and asked the federal government for a bailout, it arranged to pay executives millions of dollars in bonuses.
The New York Times and Washington Post reported that in September, the bank arranged to approve payments for two fired executives worth $18.2 million, and another $5 million payment for an executive who was leaving voluntarily. Four days later, Lehman went bankrupt, the first of a series of financial shocks that led to a bailout costing taxpayers $700 billion.
In fact, former Lehman Brothers CEO Richard S. Fuld Jr. said in October that a compensation system that paid him about $350 million between 2000 and 2007 was appropriate despite the company's financial woes.
This is infuriating! Write a letter to the House Oversight and Government Reform Committee using the easy form below, and tell lawmakers to continue monitoring the actions of Lehman Brothers, fully exposing the irresponsible spending that contributed to our current financial meltdown. Then, tell at least five of your friends to do the same!
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