Balls On Former Lehman-cum-Barclays Employee Just About The Size You'd Expect Of Someone Demanding Two $84 Million Bonuses For '08

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In fairness, no one has officially measured and reported the size of Jonathan Hoffman's testicles. But you'd have to figure they're pretty big to hugely big based on the fact that he's put forth the argument that:

  • Barclays paid him the $84 million he was owed by Lehman Brothers for his work in 2008, which was quite nice of them...
  • ...Having said that, that doesn't leave Lehman Brothers off the hook...
  • ...While Lehman contends that Barclays paid the bonus because it took over all the Lehman employee contracts...
  • ...Hoffman delightfully argues that he and Barclays had their own separate contractual agreement because he was hired by the British bank independent of its deal with Lehman1...
  • ...and therefore the Lehman estate still owes him his god damn money...

Jonathan Hoffman, a 42-year-old global rates trader, was Lehman's third-highest paid rank-and-file employee when the bank collapsed. He was already "fully paid" the bonus by Barclays PLC (BCS) after the bank bought Lehman, says a lawyer for James W. Giddens, the trustee unwinding Lehman's brokerage, in a Monday letter filed with U.S. Bankruptcy Court in Manhattan. Mr. Hoffman, who has a home on the Main Line outside of Philadelphia, hasn't denied that Barclays paid him the money, the bulk of which stems from his 2008 bonus of $76.3 million. But he says the bonus money he received from Barclays was part of a contract separate from his Lehman deal, and that he deserves both. He is seeking an $84 million claim against the Lehman brokerage, and Mr. Giddens is trying to have that claim expunged...

Mr. Hoffman has said money paid by Barclays has nothing to do with his Lehman contract. When asked about Mr. Hoffman's employment in 2010, a Barclays official testified in court that Barclays "issued him with a similar contract" as his one with Lehman. The Barclays official added that the bank typically matched Lehman bonuses "as part of the acquisition." [...] In a declaration filed with the court earlier this year, Mr. Hoffman said that because he didn't move to Barclays as part of its purchase of Lehman's brokerage business, he is entitled to the bonus payment from Barclays as well as the one from Lehman.

Lehman Says Former Trader Wants to Receive $84 Million Bonus...Again [WSJ]

1. From the August court filings: "9. I rejected an email offer of employment from Barclays on or around September
22, 2008, and instead chose to negotiate any the terms of any potential employment with Barclays separately. 10. During the period of late September 2008, I engaged in negotiations with several potential employers, including Barclays. I chose to accept employment from Barclays in consideration of the promises Barclays made..."

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