Via Digby and Crooks and Liars comes this heartwarming story in The Independent of $2.5 Billion bonuses for the incredible fuckup fine work of the folks at Lehman Brothers that led to Chapter 11.
I am sure that the former shareholders of Lehman who watched the value of their stock go to zero would be happy to claw some of that back ... any good lawyers out there?
Up to 10,000 staff at the New York office of the bankrupt investment bank Lehman Brothers will share a bonus pool set aside for them that is worth $2.5bn (£1.4bn), Barclays Bank, which is buying the business, confirmed last night.
The revelation sparked fury among the workers' former colleagues, Lehman's 5,000 staff based in London, who currently have no idea how long they will go on receiving even their basic salaries, let alone any bonus payments. It also prompted a renewed backlash over the compensation culture in global finance, with critics claiming that many bankers receive pay and rewards that bore no relation to the job they had done.
A spokesman for Barclays said the $2.5bn bonus pool in New York had been set aside before Lehman Brothers filed for chapter 11 bankruptcy in the United States a week ago. Barclays has agreed that the fund should continue to be ring-fenced now it has taken control of Lehman's US business, a deal agreed by American bankruptcy courts over the weekend.
I am sure that the former shareholders of Lehman who watched the value of their stock go to zero would be happy to claw some of that back ... any good lawyers out there?
No comments:
Post a Comment
Not moderated but I do delete spam and I would rather that people not act like assholes.