We all know Lehman Brother's disgraced chief executive Dick
Fuld and other top execs received massive paychecks before the bank's demise,
but how about the other employees?
DealBook's Peter Lattman, citing new bankruptcy documents,
reports the payout the bank's top prop trader received and you will be
absolutely floored. From DealBook:
Robert Millard, the head of Lehman’s proprietary trading
operations — the group that traded the bank’s own money — was in line to make
$51.3 million in 2007, making him the highest-paid employee on a list of the
top-50 paid employees that year. The list shows that he was paid $44.5 million
in 2006 and $3.8 million in 2005. Mr. Millard now runs Realm Partners, a hedge
fund in New York.
The $51.3 million paid to Mr. Millard approximates the pay
package received by Mr. Fuld that year, which, depending on how it was
calculated, was worth $40 million to $51.6 million. To put that into context, the second place
guy was paid $20 million less raking in $31.2 million in 2007, according to the
report….
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