The chief executive of Barclays and the president of Lehman Brothers just announced an acquisition of a part of Lehman by Barclays, according to someone present. It was unclear exactly what Barclays was acquiring but earlier news reporters suggested it would be the broker-deal arm of Lehman.
Barclays Bob Diamond and Lehman’s Bart McDade took to the second floor of Lehman to speak to employees.
“It’s time to dominate,” McDade announced.
They are apparently now going floor to floor making the announcement.
“They just announced they are keeping the trading platform in New York,” a person familiar with the matter said.
Update: Lehman employees have set up LaidOffByLehman.com, which is also reporting the tour by McDade and Diamond.
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MAYO
too long didnt read
and for you not in the arm, PSYCHE – go home now.
Does that mean LEH employees get generous bonus again this year, despite destroying >$42bn in OPM?
Good thing I didn’t put on the synthetic pink elephant short.
what are associate numbers?
What’s this I hear about a NYFed-funded JPM bailing out lehman?
Is Fuld still MIA? what a POS
@4 = moron
So why did so many employees box up all their shit and bring it home if there were no pink slips announced yet? Wasn’t it somewhat likely this would happen (and that many employees would keep their jobs)?
can someone tell me where the f*ck dick fuld is? someone needs to eat a bowl of beans, head over to the lehman building, and fart him out of the desk hes hiding under.
Are they going to name Fuld the new CEO? The US taxpayer keeps getting raped. The Federal Reserve is no more Federal then Fedex. I’m wondering how soon we enter a period of hyperinflation. Perhaps we can bail out Haiti next or maybe Africa?
@5 = self obsessed moron
12 Most people would assume its a joke. You must be havin a very bad day.
@11
Which country in Africa?
SPODE
bart mcdade
DICK FULD FOR SECRETARY TREASURER
so who stays? (I know broker dealer, but in particular- what does that ecompass?)
DOMINATE???? who are you kidding you fukkin knob??? your time to dominate was 30 days ago when you had a 70/90 market and passed…. LEH management should be stoned to death on the plains outside Tehran
Africa is a country, dumbass.
Yep they just announced it on the trading floor
The new company will be called Barley, Mayo, and Fuld.
See 19: Johnny doesn’t understand geography anymore
Its BART McDade.
Where is Dick?
Maybe he and jimmy cayne have been doing bong hits for the last 72 hours and now they are doing a tour of the outer borough Mcdonalds, BK, Wendy’s ect.
Barclays employees toast then?
Barclays employees toast then?
Fuld is in an underground bunker, talking to the Zimbabwean State Investment Fund about a capital injection for Hornblower, Weeks… they are offering 42 cents, Fuld wants $66 billion
@19 – good one
Wonder if they’ll keep OPS, ITD.
@ 7,24 – Martha’s Vineyard/ Acapulco… http://www.thedailymash.co.uk/news/business/lehman-execs-to-lead-slightly-less-opulent-lifestyles-200809161257/
@19 – good one – you’re not that stupid, right ?
Fuld Summoned to U.S. House Hearing Probing Lehman Bankruptcy
according to BBG
what’s the mood like at barcap?? presumably awful. anyone?
#19 is really me.
SPODE
what will this mean for incoming FT c/o 2009?
#19 is really me.
SPODE
35 For LEH, I think theres not c/o 09. At other places, I think it means that it will be even harder to get a job than it was to get an internship this past summer.
@37 Do you think the Barclays FT c/o 2009 is screwed too?
#37–what about accepting a job with barcap post SA?
better NOT pull that “blue-jeans” trick, kiddies.
better NOT pull that “blue-jeans” trick, kiddies.
rumour is that Barclay’s is taking the U.S. capital markets business, not imd
@33 – brilliant actually, great company.
@40: what is the blue jeans trick?
“It’s time to dominate,” McDade announced.”
puh-leese. doesn’t being run over by a steamroller teach these guys anything?
gonna be fun hearing brooklyn natives adopt the british accent.
You all do realize that most of the employees at Barclays Capital’s new york office are Americans, right?