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Quick Hits: Dick Fuld to Scrape By on $250 Million

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Brief scrutiny of today's headlines.

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Welcome to the real world, Mr. Fuld: You don't get a bonus or fat severance check when you get fired.

That's likely to be a shock to Richard Fuld, CEO of the now-deceased Lehman Brothers.

But he won't starve: Lehman has paid him about $500 million since 2000. Fuld told a congressional hearing last month that the total was closer to $250 million because the deal included a lot of now worthless Lehman stock.

Shockingly, most working stiffs could survive without complaint on such a meager amount. In any case, Fuld is staying on as chairman of Lehman's board, which pays about $350,000 a year in cash and stock. That should keep him in cheese and crackers.

During a break at bankruptcy court, Lehman's lawyer told Bloomberg that Fuld is being "terminated," and therefore won't receive a bonus of severance.

Fuld, 62, earned about $34.4 million last year. He's been Lehman's CEO since 1993 - an unusually long run for the chief executive at a major investment bank.

But investment banks are now converting to bank holding companies. Perhaps acquiring a green eyeshade is Fuld's next move... But don't bank on it.
No positions in stocks mentioned.
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