Comp Watch '09: BarcLehs

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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.

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