Posted on 04/27/2012 9:23:31 AM PDT by Steelfish
Lehman Elite Stood To Get $700 Million Bankruptcy case reveals pre-crash pay for 50 employees that shocks even Wall Street veterans.
Lehman filed for Chapter 11 protection in September 2008 in what would become the largest bankruptcy in U.S. history.
Rich rewards The money promised to 10 of Lehman Bros.’ top earners in 2007, as revealed in bankruptcy documents:
Name Payment* Robert B. Millard $51.3 Marvin C. Schwartz 31.1 Jonathan Hoffman 30.9 John A. Cassarini 18.5 Henry Klein 18.2 Paul A. Penkett 18 Benoit C. Savoret 18 Mark A. Walsh 17.5 Alex Kirk 17 Richard J. Glasebrook II 16.8 * In millions
By Walter Hamilton, Andrew Tangel and Stuart Pfeifer, Los Angeles Times April 27, 2012
Less than a year before the 2008 collapse of Lehman Bros. plunged the global economy into a terrifying free fall, the Wall Street firm awarded nearly $700 million to 50 of its highest-paid employees, according to internal documents reviewed by The Times.
The documents, which were among the millions of pages submitted in Lehman's bankruptcy, show the list of top earners each were pledged $8 million to $51 million in cash, stock and other compensation. How much, if any, of the stock was cashed in before the bankruptcy wiped out its value couldn't be determined.
Still, the rich pay packages for so many people raised eyebrows even among compensation experts and provided fresh evidence of the money-driven Wall Street culture that was blamed for triggering the financial crisis.
"Many people are going to be stunned at how well some people were being paid," said Brian Foley, an executive compensation expert in White Plains, N.Y. "This wasn't a matter of five or six people being paid a lot."
The documents were obtained by the government-appointed court receiver overseeing the firm's bankruptcy and were reviewed by...
(Excerpt) Read more at latimes.com ...
Willard will not be ridding the gov’t of The Goldman Sack drones.
21 for where your treasure is, there your heart will be also.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.