• 24 Jun 2009 at 1:58 PM

Lehman Scores A Victory From Beyond The Grave

By Greg Michaels

Lehman Building.jpgAfter happily watching Lehman free fall into bankruptcy and cherry picking the remains, Barclays is now on the hot seat for screwing Lehman a second time by overstating the liabilities it was assuming and later booking a $4 billion gain. Barclays capitalized on the fact that, unlike Lehman, it was not in bankruptcy and still had shareholders to answer to when it estimated the liabilities associated with acquiring Lehman’s investment banking and capital markets units. But a US bankruptcy judge has now ruled that Lehman gets to take a look at Barclays’ math to determine if things like accrued bonuses were ever paid out or simply pocketed.
Lehman Wins Right to Probe Barclays on Alleged Profit [Bloomberg]

Comments (20)

  1. 1
    Posted by guest | June 24, 2009 at 2:10 PM

    For ex-employees. Where did our pension go? Is it serviced now through the public pension fund?

  2. 2
    Posted by guest | June 24, 2009 at 2:10 PM

    [sad trombone]

  3. 3
    Posted by guest | June 24, 2009 at 2:12 PM

    [sad blanus]
    :(

  4. 4
    Posted by guest | June 24, 2009 at 2:15 PM

    @3 that never gets old
    -the other blanus guy

  5. 5
    Posted by guest | June 24, 2009 at 2:16 PM

    bella!!!!!!!!!!!!!!!!!!!!!

  6. 6
    Posted by guest | June 24, 2009 at 2:17 PM

    coked up Mexican Cocaine Shark with Lasers

  7. 7
    Posted by guest | June 24, 2009 at 2:17 PM

    There were a lot of good guys at Lehman
    That’s all I’ll say about that

  8. 8
    Posted by guest | June 24, 2009 at 2:20 PM

    Lehman was the best. I left in ’03. best place i’ve ever been. But where the f’ did my pension go? seriosly!

  9. 9
    Posted by guest | June 24, 2009 at 2:24 PM

    Jim Cramer told me to invest in Lehman.

  10. 10
    Posted by guest | June 24, 2009 at 2:26 PM

    fed, ken lewis cover up?? where is the story??

  11. 11
    Posted by guest | June 24, 2009 at 2:41 PM

    Get with it DB, no Beard story, SC gov??? Wakey wakey!

  12. 12
    Posted by guest | June 24, 2009 at 2:42 PM

    Ha, SC governor just admitted an affair. What a buffoon.

  13. 13
    Posted by guest | June 24, 2009 at 2:43 PM

    Greg here’s your chance to shine – don’t shit the bed on this one.

  14. 14
    Posted by guest | June 24, 2009 at 2:47 PM

    I just looked Greg in my old high school Latin dictionary and found out it means ANUS.

  15. 15
    Posted by guest | June 24, 2009 at 2:48 PM

    8 You have a benefit due you when you reach the age specified in the plan, according to some formula. Typical formula is 1.5% x number of years working there x last years pay. Lets say you worked 5 years, earned $100,000. You would be eligible for a pension of $7,500 per annum, to be paid beginning when you’re 55. A lot of times, to get you out of their hair, they’ll give you a settlement, equal to the PV of an annuity of $7,500 for 25 years (your life expectance at age 55), discounted from the year you will turn 55 back to today. Lets say you’re 30. That’s wont give you very much in PV terms.

  16. 16
    Posted by guest | June 24, 2009 at 4:01 PM

    @8, I’m ex-Lehman and I’ve received mail regarding my pension. It will still be paid and the $ amount is what I was expecting.

  17. 17
    Posted by guest | June 24, 2009 at 4:02 PM

    @8, I’m ex-Lehman and I’ve received mail regarding my pension. It will still be paid and the $ amount is what I was expecting.

  18. 18
    Posted by guest | June 24, 2009 at 4:14 PM

    16/17 Another thing about pensions. The underlying assets are typically held by an independent trustee and overseen by the Pension Benefit Guarantee corp if the sponsor disappears. That is, those assets are dedicated to servicing your benefit. This applies only to the pension payable on only the first ~$165,000 of salary. Pension attributible to anything beyond that is lost.

  19. 19
    Posted by guest | June 24, 2009 at 4:52 PM

    @3 & @4, it’s been old for over a week. Let it die already.

  20. 20
    Posted by guest | June 24, 2009 at 11:30 PM

    Some one should go after Dick Fuld and give him what he deserves. Another words a good beaten and leave him for dead.

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