• 27 Aug 2009 at 5:05 PM

Dresdner Bankers Jump The Gun

By Greg Michaels

Rewarding failure is having a bit of tough time catching on in Germany. While Dick Fuld disciples argue that managing a company into bankruptcy is worth about $233 million, three former Dresdner employees were being given the message by their new master, Commerzbank, that massive losses do not provide too much leverage for suing for million dollar performance bonuses.

“Given the huge losses at Dresdner Kleinwort last year, Commerzbank objected to the bonus and severance claims of the former Dresdner Kleinwort senior management,” Frankfurt-based Commerzbank said in a statement. “We continue to contest these arrangements that we inherited with no clawback position and have no further comment.”

Hopefully these guys realize this should be viewed as just a dress rehearsal. Pay day doesn’t really come until the company you are trying to bankrupt actually goes bankrupt.

Comments (8)

  1. 1
    Posted by guest | August 27, 2009 at 5:16 PM

    “payday”
    one word

  2. 2
    Posted by 1 Be Stupid | August 27, 2009 at 5:35 PM

    1,
    Seriously? Do you fucking work for Hershey’s?
    Go back to PA. We have enough of your ilk to kick around.
    -George & Charles Merriam

  3. 3
    Posted by guest | August 27, 2009 at 5:42 PM

    Dear Dealbreaker,
    Why are you covering retarded shit like Shia LeBeouf. When you should be covering the new FDIC rules for PE.
    Seriously.
    Best wishes,

  4. 4
    Posted by guest | August 27, 2009 at 5:43 PM

    @3 jump the gun there, champ?

  5. 5
    Posted by guest | August 28, 2009 at 11:25 AM

    “Rewarding failure is having a bit of tough time catching on in Germany.”
    Worst sentence ever

  6. 6
    Posted by Marcus Kleinus, M-us D-us. | August 28, 2009 at 11:26 AM

    I am absolutely revolted by the flabberghastery of the preposterousness and ponderosity of the situation. These people shold be made to pay full restitutionosity.
    Or something.
    Bzzzt. Furfufufu. BrAAAAttaNNNk. POP.
    Mark Klein, M.D.

  7. 7
    Posted by ex DK | August 29, 2009 at 6:21 PM

    If you start articles about this kind of stuff, then pls be diligent enough, to cover the full outcome of the situation. The guys who are suing now are complete douchebags.
    They waited for the outcome of the first trial which other ex DK managers won. This was clear – it was a guaranteed bonus which was payable upon completion of the Dresdner acquisition. Anything else is breach of contract law. Since this was tried under English law, Commerzbank lost miserably and will pay in the end.
    This serves them right.

  8. 8
    Posted by guest | August 30, 2009 at 4:20 PM

    Commerzbank couldn’t fucking spell due dilligence if it came and bit them on the arse.
    Don’t balance sheet liabilities usually include compensation numbers, including guarantees?

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