Remember Jonathan Hoffman? To recap, he's a former Lehman Brothers trader who later became a Barclays trader, who was paid $83 million upon joining the British bank. And while that's fine and dandy, according to Hoffman, he's actually owed an additional $83 million, because the one he got was paid by Barclays as part of a new contract he signed upon joining the firm. Unfortunately, the way the Lehman trustee sees it, Barclays never hired Hoffman per se, but simply took him on the way they took on other Lehman employees. Appearing in court today, Hoffman argued that Lehman does in fact owe him his god damn money because 1. He's got the tapes to prove it and 2. He actively considered his options elsewhere, of which there were many, and ultimately chose Barclays as his new employer, with whom he worked out a separate contract from Lehman.
Testifying on the second day of a trial over whether Lehman owes its ex-employees bonus money, former top global rates trader Jonathan Hoffman said he taped the conversations as a note-taking method, without telling parties he was recording them. In a negotiation with Rich Ricci, then the operating chief of Barclays’s investment bank, Mr. Hoffman told Mr. Ricci, “I guess I’m surprised that my contract isn’t just being made whole,” according to a recording of the 2008 conversation played in the courtroom Thursday...Mr. Hoffman made nearly $550 million in profits for Lehman during 2008, and his trading represented 10% of the bank’s total profit during 2007. So when Lehman collapsed, Barclays wasn’t his only option, he said. Earlier in the day, his lawyer, White & Case LLP’s Douglas Baumstein, asked about a meeting Mr. Hoffman had with Kenneth Griffin’s Citadel LLC, a well-known Chicago-based hedge fund. “Were you confident you could get an offer from Citadel,” Mr. Baumstein asked. “I’m still confident I could get an offer from Citadel,” Mr. Hoffman replied.
Call Ken Griffin right now. He'll back it up.