• 16 Sep 2008 at 10:22 AM

Barclays and Lehman Seal Deal

By Bess Levin

The Financial Times reports that an agreement has been reached for Barclays to buy parts of Lehman Brothers, though certain details like which parts* and for how much remain unclear. Contingent liabilities related to the ego of Institutional Investor’s #1 Brokerage and Asset Manager of 2006, Dick Fuld, were hopefully offset by the $1 billion+ tied up in the Times Square Headquarters building. Barclays is totally screwed otherwise. Sources tell Dealbreaker Coffee Cart Man was thrown in last minute to sweeten things for the Brits.
*Though most certainly US broker-dealer operations.

Comments (22)

  1. 1
    Posted by guest | September 16, 2008 at 10:35 AM

    The coffee vendor outside Lehman is going to have to switch to tea and crumpets.

  2. 2
    Posted by cheesedog | September 16, 2008 at 10:35 AM

    I hope this means good things for at least a bunch of LEH employees. Good luck to all of you.

  3. 3
    Posted by guest | September 16, 2008 at 10:35 AM

    clearly the filing was no surprise to Barclays, which was apparently told, with a wink, “come back in a coupla days, I make ya a deal.”

  4. 4
    Posted by guest | September 16, 2008 at 10:35 AM

    haha … soon to be laid off (with severance!) lehman employees will be partying tonight.

  5. 5
    Posted by guest | September 16, 2008 at 10:36 AM

    @ 1 a masterpiece of understated wit. Brilliant. Far to good for this crowd.

  6. 6
    Posted by guest | September 16, 2008 at 10:37 AM

    @4 o kin wee git yer oddergraf?

  7. 7
    Posted by guest | September 16, 2008 at 10:39 AM

    @1 – The sign will now read “Bugger off, Reporters, and quit taking the piss on Lehman, yeah?”.

  8. 8
    Posted by guest | September 16, 2008 at 10:40 AM

    Barclays – First…all the lawyers.

  9. 9
    Posted by guest | September 16, 2008 at 10:40 AM

    #1 -
    hahahahhahah, nice.

  10. 10
    Posted by guest | September 16, 2008 at 10:42 AM

    So, hypothetically, if LEH owes me money on energy trades…I’m still phucked?

  11. 11
    Posted by guest | September 16, 2008 at 10:45 AM

    Ahh yes…I have the same same hypothetical question as 11

  12. 12
    Posted by guest | September 16, 2008 at 10:51 AM

    @9 Just so that line will have the desired punch when you deliver it at lunch later:
    It would be “…quit taking the piss out of Lehman” rather than on Lehman. Otherwise, good effort.

  13. 13
    Posted by guest | September 16, 2008 at 10:56 AM

    Good for Barclays and the LEH employees.Barclays will now have to adopt new North American generally accepted dental standards ;-)

  14. 14
    Posted by guest | September 16, 2008 at 11:05 AM

    so basically many of those traders might get saved after all? oops, shouldn’t have done that interview on cnbc. now back to my tea and strumpets.

  15. 15
    Posted by NG | September 16, 2008 at 11:37 AM

    @11 / 12
    Are you doing deals with Eagle Energy or Lehman proper?

  16. 16
    Posted by guest | September 16, 2008 at 11:43 AM

    Not sure, 13 – I’d probably say ‘stop taking the piss out of Lehman’ rather than ‘quit’ – the latter sounds rather Americanised to me.
    Amusingly, I do actually have a cup of Earl Grey in front of me. Flapjack rather than a crumpet though. Crumpets are a bit breakfasty.
    Wharfer

  17. 17
    Posted by guest | September 16, 2008 at 12:27 PM

    @ 16
    Lehman

  18. 18
    Posted by guest | September 16, 2008 at 12:32 PM

    Who was the fool at DWA Access that thought timber was a sensible investment. Imagine he/she’s been sacked by now!
    Tough to tell. They don’t like the english language.
    http://www.dwsaccess.de/start/start.aspx

  19. 19
    Posted by guest | September 16, 2008 at 1:07 PM

    ft.com now says ‘nears’ deal, rather than seals deal..

  20. 20
    Posted by guest | September 16, 2008 at 1:39 PM

    Is http://www.Barclayhman.com taken?

  21. 21
    Posted by guest | September 16, 2008 at 1:44 PM

    barclehs

  22. 22
    Posted by NG | September 16, 2008 at 3:03 PM

    @ 18 we are “assessing our exposure” to lehman as I type also no firm phys otc trades with Eagle for the time being. I also see that Constellation is getting hammered.

Leave a comment

You can log in with your account or comment as a guest below.

   or