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Collapsed Lehman pays out big bonuses
Posted By admin On December 22, 2009 @ 4:25 am In Money Watch | Comments Disabled
Financial Times 
Tuesday, Dec 22nd, 2009
Lehman Brothers, the collapsed Wall Street investment bank, is hiring bankers and paying generous bonuses in London to stop employees defecting.
Lehman’s European business is recruiting middle and back office staff to help administrators PwC wade through the millions of transactions that must be reconciled with clients and trading partners to determine what is owed or can be claimed.
A judge overseeing Lehman’s US bankruptcy in New York last week approved an extra $50m (€35m) in bonus pay-outs to some 230 derivatives traders working to unwind the dead bank’s $10bn portfolio. The pay-outs come as bankers in the US and Europe face public anger over probable multimillion-dollar bonuses at the end of this year and, in Britain and France, additional taxes on the pay-outs.
Steven Pearson, a partner at PwC and one of the four joint administrators for the dead bank’s European arm, said the higher UK pay-outs reflected demand for the skills he needed and Lehman’s unique situation.
“We’ve made our strategy and reasoning clear to our creditors,” said Mr Pearson. “We need to keep up with the market and we have to bear in mind that staff here have much narrower career development options than at other banks.”
“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here 
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URLs in this post:
 Financial Times: http://www.ft.com/cms/s/0/a4b10cf6-ee6e-11de-944c-00144feab49a.html
 Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html
 Fury at U.S. Lehman Brothers’ staff who could net £1.4bn in bonuses as UK employees face bleak future: http://www.prisonplanet.com/fury-at-us-lehman-brothers-staff-who-could-net-14bn-in-bonuses-as-uk-employees-face-bleak-future.html
 Rescued bank to pay millions in bonuses: http://www.prisonplanet.com/rescued-bank-to-pay-millions-in-bonuses.html
 Goldman Sachs bankers to reward themselves a staggering £8.3billion in bonuses: http://www.prisonplanet.com/goldman-sachs-bankers-to-reward-themselves-a-staggering-8-3billion-in-bonuses.html
 Zero Bonuses At Goldman?: http://www.prisonplanet.com/zero-bonuses-at-goldman.html
 Goldman Sachs set to pay £3.5bn in bonuses: http://www.prisonplanet.com/goldman-sachs-set-to-pay-3-5bn-in-bonuses.html
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