"We are delighted to extend you a Summer Analyst position in the Corporate Advisory Division of Lehman Brothers ("The Firm"). We anticipate your employment under this agreement to be on or about June 2, 2008 through August 8, 2008. Your compensation will be a (bi-weekly) base salary of $55,000."
Real? Typo? Forgery? Who are we to judge.
UPDATE: According to the offeree-- "I am pretty ticked off myself because I am smart enough NOT to digitize confidential documents. It must have been within lehman which is disappointing."
Color us very skeptical. (Oh, and this adds a third potential interpretation of our title for this piece).
Posted by guest , Sep 17, 2008 11:39AM
It means a pro-rated $55,000 annual salary, paid bi-weekly. But I'm sure you knew that.
Posted by AJ , Sep 17, 2008 11:40AM
@1, just about to say that
plus EP, it'd be nice to remove the guy's name from the doc..
Posted by guest , Sep 17, 2008 11:42AM
I think you miss the point. If they can't even write an offer letter correctly, how surprised are we that they are in bankruptcy?
Posted by guest , Sep 17, 2008 11:42AM
yeah ep, please hurry up and get the poor kid's name off there
Posted by guest , Sep 17, 2008 11:42AM
You got served EP.
Posted by guest , Sep 17, 2008 11:43AM
He can now be sued for breach of confidence
Posted by guest , Sep 17, 2008 11:43AM
Really EP, you didn't read this and think a summer analyst was making the equivalent of $1.43 million per year did you?
Paying $55k pro-rated to a summer seems fair to me.
Posted by guest , Sep 17, 2008 11:43AM
bitch
Posted by guest , Sep 17, 2008 11:45AM
wow great job EP
Posted by byrneseyeview , Sep 17, 2008 11:45AM
@1, I had no idea that "$55,000 pro-rated, paid bi-weekly" meant the same thing as "$55,000, bi-weekly." It is pretty cool to find out that the word 'pro-rated' is just, uh, decorative or something.
Posted by guest , Sep 17, 2008 11:46AM
$55 prorated is pretty low for a bulge bracket summer analyst
Posted by ep , Sep 17, 2008 11:46AM
Hate to break it to you, but the document was public long before I posted it.
No, I can't imagine anyone would pay a summering employee that. But since Lehman seems challenged to even write an offer letter without fucking up, perhaps they shouldn't be allowed to play unsupervised with sharp objects, or structured products.
Posted by MostOffensive , Sep 17, 2008 11:48AM
most banks do $60,000 pro-rated for summer analysts. (and they summers get full time offers at a bank that doesn't go bankrupt)
Posted by guest , Sep 17, 2008 11:48AM
@12...bravo.
Posted by guest , Sep 17, 2008 11:49AM
I remember that kid. He used to come around and empty my ash trays. Good kid, sorry we lost him.
-DF
Posted by guest , Sep 17, 2008 11:49AM
So, the burning question is where is Benjamin Ruano now? Running his own hedge fund?
Posted by guest , Sep 17, 2008 11:51AM
I figured summer interns would get about 25K for the stint. Apparently, about 1/4 of that, depending on how you interpret that statement.
sounds like some guy from brooklyn with a degree in English wrote it.
Posted by guest , Sep 17, 2008 11:52AM
I must be getting old. $55K prorated is a lot for copying spreadsheets into pitch books and changing the title page. No wonder these kids are so obnoxious. I guess we'll be seeing a lot fewer of them next summer.
Posted by guest , Sep 17, 2008 11:53AM
I meant a half, not a quarter.
whatevah.
Posted by guest , Sep 17, 2008 11:56AM
@ 3 that's a very weak point.
Posted by guest , Sep 17, 2008 11:56AM
@ 18: hear, hear.
Posted by guest , Sep 17, 2008 11:56AM
@10
You learn something new everyday.
SPODE
Posted by guest , Sep 17, 2008 11:57AM
are you saying approx $25k per month, or approx $5k per month?
Posted by guest , Sep 17, 2008 11:59AM
@16 not sure but I just friended him on Facebook so we'll see what he says
Posted by Bulging Bracket , Sep 17, 2008 12:00PM
55k prorated for Manhattan? Ouch.
Posted by guest , Sep 17, 2008 12:02PM
http://forums.detnews.com/pix/photogalleries/sportsgallery/RoseBowl010107/index2.htm
What a tool
Posted by guest , Sep 17, 2008 12:08PM
@26
Ben went to Michigan.
SPODE
Posted by guest , Sep 17, 2008 12:09PM
Screw you, guys
I've joined a PE boutique earlier this year and I'm going to make a partner in another 3-4 years
Ben Ruano
Posted by guest , Sep 17, 2008 12:14PM
^^ nice try, but the LEH letter was for an internship...i.e., Benny boy has an extra year of school left
Posted by guest , Sep 17, 2008 12:15PM
26 Man, he's ugly. How did he ever get an IB job? If nothing else, they usually insist on good looks.
Posted by guest , Sep 17, 2008 12:15PM
This doesn't have anything on law firm summers.
$3,077/week, plus several grand in swag.
Posted by guest , Sep 17, 2008 12:16PM
31 Yeah, but they do actual work.
Posted by guest , Sep 17, 2008 12:17PM
@31 - this is for IB analysts, so just undergrads
How much of your 3k a week did you apply to your law school payments?
Posted by guest , Sep 17, 2008 12:17PM
Would've been nice to redact. Asshole.
Posted by BSD , Sep 17, 2008 12:19PM
@31 - is that because law firm summers are in graduate school getting a JD and this is for a guy still in UNDERGRAD?
Posted by guest , Sep 17, 2008 12:24PM
#29 - actually, at least for MBAs I witnessed several occasions when PE firms encouraged their summers to stay part-time for the 2nd year of study.
So one of my Wharton classmates was moonlighting during the week plus going to NY on Thursday night pretty much every week
Posted by guest , Sep 17, 2008 12:26PM
32
they most certainly do not. there is no job easier than a big law SA
Posted by guest , Sep 17, 2008 12:27PM
I just saw Benji selling Churros at the USC game last weekend.
Posted by guest , Sep 17, 2008 12:33PM
The letter was dated August 2007 for an internship 2008. Since when did they start hiring so far in advance... or was his daddy a friend of someone?
Posted by guest , Sep 17, 2008 12:37PM
This is some seriously messed up shit. This kid is about to get mailed bombed as a result of that address being left on the document. You know, just sayin...
Posted by guest , Sep 17, 2008 12:38PM
@38 do you even watch football?
michigan was at ND, USC played ohio state
Posted by guest , Sep 17, 2008 12:42PM
The pay is OK...it's just the midnight paddlings by the MDs that I didn't like.
Posted by ep , Sep 17, 2008 12:43PM
Let me make it clear one more time. The name was already quite public before I posted the document. And Dealbreaker is not the first to put it out there either.
Posted by guest , Sep 17, 2008 12:49PM
@43 EP, don't go getting your stools all watery... its just pretty funny.
Posted by guest , Sep 17, 2008 12:51PM
where did you find this EP? from inside lehman? a website? im curious b/c these are supposed to be confidential...
Posted by ep , Sep 17, 2008 12:58PM
"where did you find this EP? from inside lehman? a website? im curious b/c these are supposed to be confidential..."
Yep. But some people simply don't have the ability to refrain from digitizing confidential documents and passing them around. Woops.
Posted by guest , Sep 17, 2008 1:06PM
Just to make it clear. Corporate Advisory is not IB. At LEH it falls under Legal, Compliance and Audit. which is its own divison.
Posted by guest , Sep 17, 2008 1:14PM
Haha - he accepted the next day. Looks like his negotiation skills were about as good as Dick's.
Posted by guest , Sep 17, 2008 1:19PM
remove the name on the document at least. this is unfair to this kid
Posted by guest , Sep 17, 2008 1:39PM
I understand that you financial types hate lawyers and believe that you are all smarter than lawyers but a lawyer would never have allowed this offer letter to go out drafted like this. This kid could, legally, have waited for his first paycheck then demanded $55K for the two weeks of work. This is plain sloppiness. A chain is only as strong as its weakest link. Therefore, bankruptcy.
Posted by guest , Sep 17, 2008 1:44PM
This guy's parents may feel very proud of him. This is just an excellent advertising, at an early age and making that amount of money. Remember his name... as I can see him running for Senator or even President of our nation...
Posted by guest , Sep 17, 2008 1:47PM
what are upfront bps? http://ftalphaville.ft.com/blog/2008/09/17/16026/the-cost-of-protection-on-the-street/
Posted by guest , Sep 17, 2008 1:49PM
so are you saying that this person can now join the list of leh's creditors number 51?
Posted by AJ , Sep 17, 2008 1:56PM
@43 So we're going with the "but someone already did it first" excuse? I guess if one window's broken, I might as well throw a rock through another one...
Posted by guest , Sep 17, 2008 1:57PM
32 - LMAO, big firm summers doing actual work?
2 hour steak lunches are not work.
Posted by guest , Sep 17, 2008 2:00PM
it was 60K at UBS last year plus overtime, so really not that unusual
Posted by guest , Sep 17, 2008 2:06PM
Anyone know who is in talks to buy CEG?
http://www.reuters.com/article/hotStocksNews/idUSN1741919120080917
Posted by BSD , Sep 17, 2008 2:07PM
@52 for CDS trading very wide, like over 1,000bps, you pay the PV of the current spread upfront when you buy protection
P.S. Add MS to that list.
Posted by guest , Sep 17, 2008 2:14PM
you stink ep, just drop this stupid 'story'
Posted by guest , Sep 17, 2008 2:22PM
with so much going on, this is what you waste time on? EP you are such a freakin loser POS.
Posted by guest , Sep 17, 2008 2:23PM
So how do you "make a partner" Ben Ruano/28? Out of clay? Or wax maybe?
Posted by guest , Sep 17, 2008 2:26PM
yeah EP you are one big fucking douche bag... lol
you can't even get 55,000 because your sitting on your ass writing these stupid stories instead of looking for a JOB, which is what this kid actually did... nice job.
Posted by guest , Sep 17, 2008 2:27PM
yeah EP you are one big fucking douche bag... lol
you can't even get 55,000 because your sitting on your ass writing these stupid stories instead of looking for a JOB, which is what this kid actually did... nice job.
Posted by guest , Sep 17, 2008 2:27PM
yeah EP you are one big fucking douche bag... lol
you can't even get 55,000 because your sitting on your ass writing these stupid stories instead of looking for a JOB, which is what this kid actually did... nice job.
Posted by guest , Sep 17, 2008 2:27PM
yeah EP you are one big fucking douche bag... lol
you can't even get 55,000 because your sitting on your ass writing these stupid stories instead of looking for a JOB, which is what this kid actually did... nice job.
Posted by guest , Sep 17, 2008 2:33PM
This is stupid and misleading. I work for Lehman
Summer Associates make $27/Hr. Technically, over 2000 hours (one year) it's $54,000.
That's not uncommon for big banks. Law firms, for example, pro-rate their first year salaries for the summer, $3,000+ / week.
Posted by guest , Sep 17, 2008 2:39PM
ep, if this "story" was broke and posted before your "story", then why did you even write your "story"? only two options: 1.) you screwed some kid over 2.) you are late to the story. either way you're a d-bag
Posted by guest , Sep 17, 2008 2:41PM
@66 you got ripped off. As a summer analyst at LEH I got the $60 bi-weekly rate thingy. Now hoping Barclays wants to keep me and my 7 days of full time experience.
Posted by guest , Sep 17, 2008 2:44PM
Bess would have written:
'No Wonder They Went Down'
....and it would have been HOT.
Posted by guest , Sep 17, 2008 2:49PM
EP, you didn't expect people would turn on you did you? haha idiot. get a job: www.monster.com
Posted by guest , Sep 17, 2008 2:51PM
@ 69 (heh)
Bess > EP
On level of hotness and literary skills.
Posted by guest , Sep 17, 2008 2:52PM
oh hey careerbuilder has an open position for douchebags, which is perfect since it seems like your interested about "going under."
careerbuilder.com/ep-is-a-douche-bag-loser.php
Posted by guest , Sep 17, 2008 2:52PM
@26, the HR at Lehman were never so good at the offer letters. First, they sent mine to the wrong address. Then, when I asked for an e-mail copy so I could give notice at my previous job, they sent me someone else's letter.
Posted by guest , Sep 17, 2008 2:54PM
maybe that how this kids letter got out...
Posted by guest , Sep 17, 2008 3:06PM
Shoulda spread some mayo over his name prior to posting.
Posted by guest , Sep 17, 2008 3:15PM
Why all the EP hate? Is this Ben posting here over and over? Who gives a flying fuck if this kid's offer letter is here?
Posted by guest , Sep 17, 2008 3:47PM
EP is a cynical, saucy little minx. She is the star of my spank bank.
Posted by guest , Sep 17, 2008 4:11PM
a) he's corp. so that's the difference between 60 and 55 I believe
b) Lehman had two 8 week programs - - but they pay their summers a 4 k signing bonus, so it is a little low but it nets out identical
Posted by guest , Sep 17, 2008 4:16PM
The letter comes from CAD's COO, not HR. She's happens to be a lawyer as well.
Posted by guest , Oct 16, 2008 6:17PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwords your dead grandma
Posted by guest , Oct 16, 2008 6:17PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwords your dead grandma
Posted by guest , Oct 16, 2008 6:17PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwards your dead grandma
Posted by guest , Oct 16, 2008 6:17PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwards your dead grandma
Posted by guest , Oct 16, 2008 6:18PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwards your dead grandma
Posted by guest , Oct 16, 2008 6:18PM
yes, no doubt ben's a little stinker, but all of you bad mouthing him suck the proverbial veiny cock of faggotness. so to all of you reading this, go fuck your mom, and afterwards your dead grandma