The boss of failed US investment bank Lehman Brothers has admitted he took home over $300 million in pay and bonuses over the past eight years.
And it was revealed Richard Fuld handed millions to departing executives – while pleading with the US government for a rescue package.
Shame-faced Fuld, whose firm went bankrupt last month leading into the US financial crisis, admitted his fatcat fortune to a Congress hearing into the economic chaos.
Chairman Henry Waxman asked Mr. Fuld if it was true he received $ 500m million since 2000.
Red-faced Mr Fuld said the total was actually about $316 million.
Mr. Waxman also blasted Mr. Fuld for arranging multi-million dollar bonuses for executives days before last month’s collapse.
He said: ‘Even as Mr. Fuld was pleading for a federal rescue, Lehman continued to squander millions on executive compensation.’
Mr. Fuld, who faced angry protests at the Washington hearing, claimed his business decisions were ‘prudent and appropriate’.
But he said he took full responsibility for his decisions and actions.
He added: ‘I feel horrible about what happened.’