Lehman Staff to Get $2.5 Billion Bonus

These guys destroy our financial system and walk over with billion. Unbelievable. Isn’t like all out anarchy supposed to kick in like now? Anyway check out the drubbing the American people are taking once again!

via RandySF

I want to be the first to congratulate the remaining staff of Lehman Brothers on the receipt of their version of the Medal of Freedom after the abject failure of their company.

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.

If you fuck up the aftermath of the Iraq War, you get a Medal of Freedom. If you fuck up Katrina, the president will tell you that you are doing a “heck of a job”. And if you fuck up a business to the tune of billions of dollars, you get a bonus equal to your mistake. God bless America.

One thought on “Lehman Staff to Get $2.5 Billion Bonus

  1. Even after the news of these bonuses, I wonder if investment banking jobs will ever be as attractive as they were before the credit crunch. My feeling is that the events of the last two weeks have shaken the confidence of prospective investment bankers across the world, and it will be a while before they’re willing to gamble their careers at the sharp end of the financial services sector.

    If you’d like to read more about recruitment in the financial services, take a look at the FreshMinds Talent Blog here.

    Thanks,

    Charlie

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