Posted on 09/20/2008 6:38:29 PM PDT by TigerLikesRooster
Fury at $2.5bn Lehman bonus
Nomura and Barclays table bids today for US giant’s London operation as bank’s administrator likens collapse to Enron
John Waples and Danny Fortson
STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza.
The bonus, which has been described by London staff as a “scandal” has been pledged by Barclays Capital, the British-based bank that last week acquired Lehman’s American operation and took on 10,000 staff.
The $2.5 billion (£1.4 billion) pot, which has been ring-fenced as part of the acquisition, has caused huge resentment among the 5,000 staff in the firm’s European and Middle Eastern operations who are not guaranteed to be paid after this month. There are, however, hopes that half the jobs in Lehman’s Canary Wharf office could be saved today by either Barclays or Nomura. Bids are being submitted for its UK equities and investment-banking business.
A Chapter 11 bankruptcy document filed by Lehman Brothers Holdings Inc says that Barclays has identified eight individuals out of the New York staff of 10,000 who are vital to make the deal succeed and a further 200 who are identified as “key”. It is thought that these eight directors will be locked into two-year contracts worth between $10m and $25m a year.
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
Couldn’t they have waited until after folks had forgotten about LEH?
My suffering is of no consequence - but theirs would be!
Can we pleeeese start a web site...
I AM NOT PAYING.COM NO WAY NO HOW!!!! NOT ME
OR YOUSUCKWASHINGTON.COM
If I could create a website I would. Please do if you can and let it be for signatures against the bail out.....
YOUSUCKWASHINGTON.COM
OR IAMNOTPAYING.COM
FYI BTTT !
I want my bailout. I want my family to get theirs, too. H3ll, give a couple to my neighbors and friends.
Free bailouts all around.
How many of these fools getting this payoff are democrat cronies?
Surprisingly, yousuckwashington.com is available.
When people condemn the idea of corporate greed they do so for a reason.
Who da thunk! How about...Youguysonwallstreetarentgettingmymoney.com!
Just to make sure that everyone understands the concept of "ring-fencing" - it means to take a chunk of money in a transaction and put it in a "pot" that is completely void of any risk whatsoever.
They probably created a series of tranches for the sale and the ring-fenched tranche is at the top of the heap. Any other tranches is where the garbage would lie.
So are:
I want reparations. As a German-American my Nazi ancestors were wiped out by Allied forces. Where can a German-American go now to steep himself in the culture of the Third Reich?? I want One Trillion Dollars to heal my psychological wounds and to buy that nifty red Ferrari I’ve got my eye on,...hey, after all, they were an Axis partner! So I’ve sent a letter to Bush asking him to drop a check in the mail. Should be here any day now! Can hardly wait to buy the Ferrari!
I typed in obamasucks.com and got:
Did you mean: barack Obama
Umm, yes! LOL!
How does one get in on this scam? I want to destroy a historic institution and get paid big for doing it. Heck, I’ll be happy to ruin BAC for just $1 million. Heck, I’ll tatake $500,000 — anything bonus with six figures will do!
Anybody want to bet bushsucks.com is taken?
Easy. Attend an Ivy League institution, kiss all the right butts, and say and do everything they want.
They're the Smart People, don'tcha know.
Woah! that’s way too much work. This is supposed to be easy money. Can’t I just scrounge up some illegal Chinese campaign cash for Obama or something?
“What company would bail out another company and honor the bonus plan?”
It’s the gazillionaire-class culture. They take care of themselves.
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