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Lehman Brothers Tops Failed Investment Bank League Tables

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The historic Lehman Brothers bankruptcy has hit another milestone: $2 billion in fees paid to professionals. In a Thursday filing with U.S. Bankruptcy Court in Manhattan, Lehman said it has spent $160.8 million in fees since exiting from bankruptcy in March. Added to the $1.9 billion it incurred during its 42 months in bankruptcy, the failed investment bank has eclipsed $2 billion in fees paid. That’s the most in the nation’s history. Lehman previously stated that it incurred less than $1.8 billion in fees before leaving Chapter 11 protection in March but disclosed in the Thursday filing that the number increased by $132 million in recent months for several reasons, including the payment of incentive fees to professionals as well as approvals of older applications. [WSJ]

  • 21 Dec 2012 at 3:35 PM

Losing Anything < $2 Billion, Whether Through Trading Or Regulatory Fines, Now Considered A Victory At UBS

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UBS’s $1.5 billion settlement for manipulating interbank lending rates is the fourth separate regulatory finding against the Swiss group in as many years – underlining the failure of bank executives to reform the corporate culture…Just last month, a London jury convicted one of UBS’s former traders, Kweku Adoboli, of the biggest banking fraud in British history after he lost $2.3 billion in rogue trades. The FSA also fined the bank 29.7 million pounds ($39.2 million) for allowing the unauthorized trades. The trading loss is now seen among UBS staff as the new benchmark of wrongdoing, with reports of relief among employees that the bank’s $1.5 billion global Libor settlement was “only half an Adoboli.” [FT]