Ever wonder where all the surplus went?
Now, thanks to the Los Angeles Times, we know at least part of the story. Prior to declaring bankruptcy on 15 September 2008, Lehman Brothers had awarded nearly $700 million to 50 of its highest-paid employees.
Here are two of the millions of pages of documents, which show the list of top earners who were pledged $8 million to $51 million in cash, stock, and other compensation:
Now we know where at least some of the surplus has gone—into the pockets of Robert Millard and other top executives at Lehman Brothers.
