Posted on 09/21/2008 3:06:14 PM PDT by LiveFreeOrDie2001
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 EnronJohn 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. Related Links Paulson hailed as hero for stemming market slide A sickening slump gives way to euphoria The $2.5 billion had been accrued as part of the contribution to Lehman’s group profits for the first nine months of the year. Barclays said there is no obligation to pay it out but analysts say the competitive pressure to keep key staff means he will have to. p>
(Excerpt) Read more at business.timesonline.co.uk ...
But considering that at least 90 percent of the people who post on these threads have no idea how a broker-dealer makes its money (might the employees be an important component, prehaps?) it's to be expected.
Both groups likely have a problem with the $700 billion bailout, but that's really another issue.
“Populists (who often claim to be conservative), on the other hand, are always making it their business how companies are run and what their executives are making.”
Excellent post and so is the previous one. Too many gun-toting, pro-life, Clinton hating, evangelicals think that is all they need to do to qualify as Conservatives in good standing. Sad.
You are NOT a Conservative if you think Barklays cannot spend its money on any thing it damn well pleases. You are also quite stupid if you think Barklays money is the federal government’s money.
Learn before you post unless all you have to say is populist rants. You are no Conservative. You want to meddle in other peoples business.
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 EnronJohn 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.
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What idiot wrote this? I am getting a headache trying to find a meaning.
Nobody bailed out this company. The Fed let it go and shareholders were wiped out, including the board room types and the doorman.
Again, there is no taxpayer money........none...nada....zip.
When I look at the Bob Barr bunch, I see a mishmash of ideologies who are essentially just angry whiners from all political persuasions. But, what else can we call them, assuming a label is required.
I suppose that I am a moderate conservative Republican, but that's a stretch because the moderate part stems from conservatives who don't really understand what they are and thus can't discern what I am.
Now that we are both confused, I will let the subject die. :-)
You are also quite stupid
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You are pulling out words that don’t exist and it’s obvious you need to go to anger management class or start drinking again. Personal attacks when one disagrees is a childish approach. Grow up.
You are a liberal. I do not mind liberals that claim to be liberals but liberals that claim to be Conservatives pi$$ me off.
You suggested that Barklays can not pay people including former Lehman employees what ever they want...that is a Liberal position.
You then equated Barklays money with federal government money. That is stupidity.
Again, if some one gets on here and spouts a liberal position on Gay marriage or pro-choice they get the Zott and they should. People like you should get the zott also for promoting liberal-socialist economics.
If a poster in anyway, in any form, offers support for pro-choice or the gay agenda they get the Zott around here ASAP. And that is the way it should be. What is so amazing is you can spout all kinds of closet socialism - fascism - and worse - populism on economic issues around here and the mods just let it go.
This is telling me that many self-described are not Conservatives at all. They are just marginally evangelicals, no more, no less. I wonder how deep this goes. I know a huge part of it is the complete and total ignorance most people have about the economy and capitalism and the freebee attitude - and a ton of class envy in so-called Conservatives.
This is why Palin was a good pick. Under any other circumstances, it would not have worked.
I don't know the exact ratios, but I think that about 23-27% of the base is Conservative fiscally and socially with equal weight to both.
Another 10% is strictly fiscal and the rest are strictly so-cons.The fiscals and the conservatives can always be depended on to vote with the party. The So-cons are wish-washy and many don't even come out unless they have their social issue in front. Some, with vote for dem's in local and State elections, and if they are not happy with the ticket, they stay home or vote Dem in November.
The Dem's have their own party issues as well, but the advantage goes to them this cycle, and that's just reality.
Now this populism stuff periodically comes into play and is a different animal because it affects the so-cons and the moderates of both parties, they react to it because they are not generally tied to a conservative or liberal belief system and they wander about. Politicians love it, because they can drop all their pretenses and just blow off at the mouth and everything works! The populist voter block is like a school of minnows all turning and darting about in unison, and it's funny to watch sometimes.
This election, and it's electorate is going to be reacting back and forth on this tripe, and when the music stops, I have no clue where they will be sitting.
Huey P. Long would have been elected president in this situation, and had Ross Perot run this year, he would have won.
I don't like it, but I can't do anything to stop it. I can only watch in horror.
I kind of like it that the social liberals get Zotted around here. It would be a better forum (albeit smaller) if ALL liberal arguments were zotted equally.
There was this dude on the Rush thread last week that said basically he had a gay friend and that person was not so bad. His account got Zotted. Yet there are all kinds of people around here that think somebody besides share holders should determine how much people get paid and how much of a profit the oil companies can make.
Yeah, the forum changed a year or two ago. All the social libs were run off. Did not matter that they were republicans. Most were simply not putting social issues ahead of fiscal. They are all gone with a few exceptions....:-)
Did you see Steve Forbes on CNBC a few minute ago. That man should be President.
NAD - Not Another Dime
Well, he tried once, but it failed badly.
Whatever the situation, no one at a failed organization should that has cost shareholders so much, caused so much financial ruit, should be given a multi-million dollar bonus.
Any deals that were made for bonuses before the crash should be voided. And bonus planned going forward should be stopped. Everyone at the highest levels of the company should be out on their ear if not in jail.
This has all be corruption of the highest order.
Lehman was 140 years old. It's reputation and stock value fell along with every investment house, but they were hurt worse because of their 600 Billion in assets was smaller than that of Goldman, and they were actually 4th in size. The others acted a bit quicker to dump these assets and thus postponed the inevitable, but only postponed it. they are now merging with banks for protection.
There was no illegality, corruption or anything like it, except in congress.
These folks earned that money, and it was pooled for them to draw on at the end of the fiscal year. To take it because you don't understand what went on here, and continue to parrot the guilty by blaming the private sector is really pissin me off!
This populist notion being spread by the libs is designed to blame Bush and blame corporate greed for Democrat regulatory manipulation that they fully intend to protect. The FOX is in charge now, of the hen house and is blaming the chicken for allowing themselves to be eaten!
I ain’t blaming Bush for corporate greed. I’m blaming the corporation. Please tell me by what standard a failed institution rewards those in charge during its failure.
They were paid lots of money - heaps of money - to see that what happened did not happen. They did not earn their salaries and they should not be entitled to bonuses for their ineptitude.
If they want to play in the big leagues of salaries, they need to perform to the standard those salaries command.
I don’t care how much it pisses you off, it is corruption. They should be in jail, not leaving rich.
...managements inability despite being paid millions of dollars to see what many others saw and warned about.
They did not act because they were more concerned with their bonuses in a boom time than acting responsibly. That is corruption. They should be in jail.
Everything you write is nothing more than excuses for bad behavior at best and criminal behavior if you accept my interpretation.
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