Thursday, October 9, 2008

CEO Knocked Out After Announcing Bankruptcy

It seems that some people are getting a little bit punchy about the bad economy and the meltdown that is currently under way on wall street. Lehman Brothers Chief executive officer Dick Fuld could probably attest to this in a seriously personal way. After having announced the bankruptcy of a company that he has headed for nearly 25 years last Friday on that following sunday he was working out in the companies Gymnasium when suddenly another man in the gym who was weight lifting came over to him and knocked him out. Fuld was on a treadmill and attatched to a heart monitor when the incident happened and according to some sources that are high up in the company was knocked out cold.
Lehman brothers is heavily involved in the current sub prime mortgage mess that is effecting many companies these days. They were the biggest underwriter of subprime debt in 2006 and the nations 4th largest investment bank overall. Despite the poor performance over the last few years Fuld still was paid $22 million in 2007 and handed a bunch of restricted stock that totaled $41 million. The person doing the knocking out was apparently someone who has suffered losses due to Fuld's mismanagement of the company.

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