Oh, this has got to chap Dick Fuld's hide. Hugh "Skip" McGee III, the former head of investment banking at Lehman Brothers, who supposedly "pushed [the Gorilla] from the center of power" after forcing the CEO to fire long-time gal-pal Joe Gregory, is reportedly getting $50 million for two years of work at BarcLehs. Though a former colleague (Callan) is apparently "feeling nauseous right now even thinking about McGee's deal," we would like to say, well-played my friend. Skippy was one of three senior execs who worked on the deal to sell the Brohamsters' assets to Barclays and clearly had the prescience to shove potential suitor Bank of America into the arms of Merrill Lynch, obviously anticipating that Barney Frank would one day throw a hissy fit over TARP-taking banks dolling out big bags of money to senior execs.
Update: A person familiar with the matter tells us the $50 million in compensation is non-existent, and based on rumors from back in September.
*Yes, we are fully aware of the fact that BAC was running for the door the second it got a wiff of Lehman's grab bag of venereal diseases, and LEH was *supposedly* upset about that, but none of you can say for certain that Skippy didn't tip them off about the herp.
Posted by guest , Jan 09, 2009 1:51PM
qu'ils mangent de la brioche
-Skip
Posted by guest , Jan 09, 2009 1:52PM
Didn't Skippy also out Madoff as well?
Posted by Garuda , Jan 09, 2009 1:53PM
Barney Frank. Hissy-fit. Are we gay-baiting?
Posted by BlackSwan06 , Jan 09, 2009 2:02PM
@ 1 - très bien fait.
Posted by guest , Jan 09, 2009 2:04PM
Did Vinny Gas-pa-reeeeno steal anything DB content yet?
Posted by guest , Jan 09, 2009 2:10PM
#5: Heyayadoin! I breaka you face!
LMAO @ "Skip". Are you serious??
Posted by guest , Jan 09, 2009 2:18PM
Who has the herp?
Posted by guest , Jan 09, 2009 2:19PM
Soooo when the Bernie announcement goes out are we...um..going to see...maybe a siren or two?
Posted by guest , Jan 09, 2009 2:19PM
I think having Kevin Warsh as head of NY Fed is a bigger outrage.
news.muckety.com/2009/01/09/ny-fed-prospect-kevin-warsh-already-has-wealthy-connections/9841
Posted by guest , Jan 09, 2009 2:20PM
Skip is the man
Posted by guest , Jan 09, 2009 2:23PM
@7-- LEH.
Posted by guest , Jan 09, 2009 2:25PM
@11 I hear that it never goes away can you confirm?
Posted by guest , Jan 09, 2009 2:29PM
@12 untrue. Mine went away. A holistic health physician presecribed a daily rub concocted of turpentine and fish chum. Worked with a few weeks. Get your fish chum from the Hooper.
Posted by guest , Jan 09, 2009 2:31PM
@ 12 let me look... yeah, confirmed
Posted by guest , Jan 09, 2009 2:35PM
Skip licks taint.
Posted by guest , Jan 10, 2009 11:35PM
So when was the last time that the former LEH now BARLEH's Banking guys did a deal?
So let me get this straight, $50mm over two years to sell your employer,putting 90% of its people out on the street after feeding them '1 Firm Bullshit for 14 years,'; watch the IPO markets burn for 8 months and top it off by sitting around and talking about the days when, "A guy like me could have made $150mm." AYFKM??
Wow - was this job posted in the Unemployment Office, how can I apply?
Posted by guest , Feb 05, 2009 8:17PM
I've got one word for all you WS skanks: Clawback