Lehman’s Fuld on the Hot Seat

Representative Henry Waxman (D-Calif.) and other members of Congress have been raking Lehman Brothers CEO Richard S. Fuld Jr. over the coals for the generous bonuses that were paid out by his firm as the investment bank was teetering on the brink of insolvency.

Lehman filed for bankruptcy on Sept. 15, just a few days after the board approved $20 million in “special payments” to three executives, according to the Associated Press.

Evidently, some managers at the firm’s Neuberger Berman money management unit had the temerity to suggest that bonuses be dispensed with, given the firm’s precarious economic situation. The AP quotes Fuld as saying in one document, “Don’t worry,” to the idea that execs go without bonuses.

I don’t have time to do a full treatment of Fuld’s chart right now. According to the Wiki, he was born April 26, 1946 in New York. The time of birth is unknown. Here is his chart, courtesy of Astrodienst.

You can see that Mars in Scorpio is moving to an exact opposition to Fuld’s Taurus Sun, so the heat isn’t going away. Fuld was born with Mars in Leo square his Taurus Sun so he’s used to taking flak, but he may not be prepared to become the poster child for greed on Wall Street.

Stern Saturn in Virgo is squaring his Uranus/North Node (public) conjunction in Gemini, by the way. So he’s going to be getting a lot of negative publicity from electronic media — from C Span to the Internet.

By Waxman’s calculations, Fuld has earned $400 million in executive compensation since the year 2000.

Wall Street Weather has a good post up on the grilling Fuld got in Congress.