You have to wonder if the 750 Lehman employees just canned would have gotten anything at all but for the UK law that mandates Lehman to pay them GBP 800. As for the rest?
``They've been told they will get their pay for the last month and they take their place with all other unsecured creditors,'' said Ronnie Fox, London-based partner with Fox Lawyers, whose firm has received several calls from former Lehman professionals.
To us that sounds like a lot of words to say "fat chance."
That sneaky last minute wire transfer right before the holding company's bankruptcy filing is looking meaner and meaner.
Lehman's Fired Staff Get 800 Pounds, Bonus Doubtful [Bloomberg]
Posted by guest , Oct 01, 2008 2:45PM
As a former analyst at Lehman London what should I expect for a bonus this year?
Posted by guest , Oct 01, 2008 2:48PM
I assume they're getting any salary earned up until the date of the bankruptcy filing. Does anyone really think they deserve anything beyond that? They did in fact bankrupt the firm, which cost the stock and bondholders billions.
Posted by guest , Oct 01, 2008 2:50PM
What about summer interns who got their offers late August?
Posted by guest , Oct 01, 2008 2:50PM
What are the associate numbers?
Posted by guest , Oct 01, 2008 2:52PM
Any chance we could sneak some legislation into the bill tonight mandating that LEH employees get their full bonus, plus COBRA coverage?
Posted by guest , Oct 01, 2008 2:57PM
thought the UK algo guys were picked up by nomura, no?
Posted by guest , Oct 01, 2008 2:58PM
A unsung travesty
Posted by guest , Oct 01, 2008 3:01PM
Nomura picked up UK IB and equities.Those 750 lost souls are from fixed income and IT and other support staff.
We haven't heard a peep about who authorized that $8bil wire transfer.Any takers on it being Fuld?
Posted by guest , Oct 01, 2008 3:01PM
I like the business week advertisement on the side panel with Blodgett on it, giving Carney and clusterstock some friendly pr
Posted by MarshallStack , Oct 01, 2008 3:10PM
Bucket?
Posted by guest , Oct 01, 2008 3:31PM
@1 - sadly, I think you'll likely wind up with the natural wood arrow shafts contained in the bailout bill jammed you know where. If it's any consolation, at least they'll be exempted from excise tax.
Posted by guest , Oct 01, 2008 3:43PM
Limeys.
fuck 'em.
Posted by guest , Oct 01, 2008 4:45PM
Hey, Any news on the Barings associate numbers?
Nick Lesson
Posted by guest , Oct 01, 2008 8:15PM
They won't be lining up pari passu with all the other unsecured creditors.
Precedent says that trade credit will trump the other unsecured credit, regardless of what logic dictates.
Posted by guest , Oct 01, 2008 9:37PM
Why should they get paid on anything? It's a bankrupt company