'Is that fair?'

It's the question put yesterday to Richard Fuld, of Lehman Brothers, by Democrat Henry Waxman. And it refers to Fuld's having earned 480 million dollars over eight years in running the now bankrupt company. Fuld replies by saying the figure is closer to 250 million dollars. Let's call this 143 million pounds. Now imagine someone who is given 143 million pounds as a gift for their new-born child. The child will live (let us say) to the age of a hundred. The parents put the money in a simple savings account and the child whose money it is keeps it there once she reaches the age of majority. The interest on the money deposited just suffices to cancel out the effects of inflation. On that basis, our lucky beneficiary can spend, or have spent on her, 1.43 million pounds per annum over her lifetime. And one man can 'take out', in eight years, a sum which would cover her in this manner for a century. Now think about average earnings, and lower than average earnings.

There's another question, therefore, than Henry Waxman's: namely, even had Fuld being doing a terrific job, is that fair? It's within the rules, is all.