AIG isn't the only culprit when it comes to wasteful spending
Thousands of Public Citizen’s supporters signed a petition demanding that AIG return the $534,000 executives spent to pamper themselves, and we are sending it this week. But, clearly, AIG isn’t the only culprit when it comes to spending lavishly while receiving a taxpayer bailout. So who’s the second villain we’re targeting in our campaign?
While this investment bank 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 $18.2 million in payments payments for two fired executives and another $5 million payment for an executive who was leaving voluntarily. Four days later, Lehman went bankrupt, one of many 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.
Maureen, this is infuriating. Because of the great response our petition to AIG received, Public Citizen is continuing this campaign against wasteful corporate spending. Please write now to the House Oversight and Government Reform Committee and urge 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.
Together, we can fight corporate greed and protect the rights of all taxpayers.