The best bank to work for this bonus season? Surprise! It's Lehman Brothers.
Sure, you say, that's not really a bank anymore. It's a rotting corpse, a warning to the living and a giant headache to more than a few hedge funds still pining for their money.
That all may well be true. But it's a carcass that's paying $50 million in bonuses, and there's nothing any pay czar can do about it, because it's got a court order.
For 230 lucky employees still sifting through Lehman's disastrous derivative portfolios, that means payday. What's left of Lehman credits them with recovering some $8 billion in cash.
And their labors are far from over.
"However, only 17 per cent of the derivatives contracts are considered to be final settled," the bank wrote in a Nov. 25 filing. "Additionally, 39 per cent of the derivatives contracts have not yet been reconciled, and valuation must be completed for 50 per cent."
Nice work if you can get it.
Lehman to pay $50m in bonuses [FT]