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Greed and Glory on Wall Street: The Fall of the House of Lehman by Ken Auletta

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Beginning in July the operating committee, under Glucksman’s direction, met to recommend that year’s bonuses. The six members of the operating committee, in addition to Glucksman, were Bob Rubin; Jim Boshart; Shel Gordon; Dick Fuld; and bankers François de Saint Phalle and Roger Altman. In turn, operating committee bonuses were determined by Glucksman, Rubin, Harvey Krueger, William Morris and Peter Solomon—members of the now defunct executive committee. Traditionally, the CEO at Lehman had the power, if there were disagreements, to make final decisions about the size of a partner’s bonus, including the size of the bonus of all seven members of the operating committee; in consultation with the board, he decided what percentage of the firm’s common ...

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