 Fury at $2.5bn bonus for Lehman's New York staff |
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 Sep 21 2008, 10:09 PM
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#1
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 Member  Group: TT Member* Posts: 13831 Joined: 13-January 04 Member No.: 1054  |
Fury at $2.5bn bonus for Lehman's New York staff By David Prosser Monday, 22 September 2008 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. Barclays is paying $1.75bn for the US operation of Lehman and is keen to retain its best staff. It said it had made no promises to individual staff members about how much they will receive but that the bonus fund would be paid out. In addition to the $2.5bn cash pool, Barclays is also in negotiations with about 30 executives it considers to be Lehman's best assets and plans to offer them contracts worth tens of millions of dollars. British employees of Lehman described the bonus payments as a "scandal" as they waited anxiously yesterday to see whether a deal could be struck with buyers circling the bank's European operations. MORE -------------------- AVATAR: Oklahoma Cherokee native and "Dances With Wolves" star leads the natives in Avatar.
"It seems like we would have found out how to do things in a different way by now." (See my AVATAR) |
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Sep 21 2008, 10:20 PM
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#2
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 Member Group: TT Member* Posts: 11921 Joined: 9-September 03 From: United States Member No.: 17 |
hi RD,
I have not heard from "mss" since Sept 15th a.m. have you? wondering if he is OK or simply on travel, etc. -------------------- why is it important to wear sunglasses, even on cloudy days?
30 million additional folks in the U.S. are soon likely to be legally blind from wet macular degeneration ...this is preventable for the current generation ... UV damage to the eyes is cumulative during the lifetime - elvis wore shades - by the Cleveland Clinic |
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Sep 21 2008, 10:32 PM
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#3
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Member Group: TT Member* Posts: 13831 Joined: 13-January 04 Member No.: 1054 |
He's been traveling a bit.
I think he's back soon. -------------------- AVATAR: Oklahoma Cherokee native and "Dances With Wolves" star leads the natives in Avatar.
"It seems like we would have found out how to do things in a different way by now." (See my AVATAR) |
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Sep 21 2008, 10:43 PM
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#4
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Member Group: TT Member* Posts: 11921 Joined: 9-September 03 From: United States Member No.: 17 |
thx, Roger.
-------------------- why is it important to wear sunglasses, even on cloudy days?
30 million additional folks in the U.S. are soon likely to be legally blind from wet macular degeneration ...this is preventable for the current generation ... UV damage to the eyes is cumulative during the lifetime - elvis wore shades - by the Cleveland Clinic |
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Sep 21 2008, 11:57 PM
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#5
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Member Group: Traders-Talk User Posts: 472 Joined: 17-October 03 Member No.: 370 |
Hi, Roger.
Why do we continue to reward bad behavior at the highest level of finance and politics? Is there such a shortage of BAD leadership that the system must shower them with golden parachutes? In the old days there was plenty of GOOD leadership through example where the leaders would sacrifice their benefits along with the workers. Bad performance meant dismissal in dishonor at the least, and jail time or even execution in some foreign lands at the most. Out QUOTE (Rogerdodger @ Sep 21 2008, 10:09 PM)  Fury at $2.5bn bonus for Lehman's New York staff By David Prosser Monday, 22 September 2008 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. Barclays is paying $1.75bn for the US operation of Lehman and is keen to retain its best staff. It said it had made no promises to individual staff members about how much they will receive but that the bonus fund would be paid out. In addition to the $2.5bn cash pool, Barclays is also in negotiations with about 30 executives it considers to be Lehman's best assets and plans to offer them contracts worth tens of millions of dollars. British employees of Lehman described the bonus payments as a "scandal" as they waited anxiously yesterday to see whether a deal could be struck with buyers circling the bank's European operations. MORE |
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Lo-Fi Version | Time is now: 9th February 2010 - 03:05 AM |