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Waxman said that in January, Fuld and his board were warned the company’s “liquidity can disappear quite fast.” Despite that warning, he said, “Mr. Fuld depleted Lehman’s capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments.”

Waxman quoted Fuld as saying in one document, “Don’t worry” to the suggestion that executives go without bonuses.

That suggestion came from Lehman’s money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush’s cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses. “Sorry team,” he wrote to the executive committee, according to Waxman. “I’m not sure what’s in the water at 605 Third Avenue today.... I’m embarrassed and I apologize.”

article:
http://www.msnbc.msn.com/id/27047714/