UNBELIEVABLE — $2.5 BILLION DOLLAR BONUS FOR FAILED LEHMANS STAFF

Up to 10,000 staff at the New York office of the bankrupt investment bank Lehman Brothers will share a bonus pool set aside for them that is worth $2.5bn (£1.4bn), Barclays Bank, which is buying the business, confirmed last night.

The revelation sparked fury among the workers’ former colleagues, Lehman’s 5,000 staff based in London, who currently have no idea how long they will go on receiving even their basic salaries, let alone any bonus payments. It also prompted a renewed backlash over the compensation culture in global finance, with critics claiming that many bankers receive pay and rewards that bore no relation to the job they had done. Fury at $2.5bn bonus for Lehman’s New York staff

I still do not think, despite this incredible news, that Americans will adequately respond. It is very clear — everyone is reacting in a CYA response.

In addition to the $2.5bn cash pool, Barclays is also in negotiations with about 30 executives it considers to be Lehman’s best assets and plans to offer them contracts worth tens of millions of dollars.

A public lynching is what is called for, but we’re not there. Yet.

In other news, Europeans on left and right ridicule U.S. money meltdown.

And in more other news: ALMOST ARMAGEDDON MARKETS WERE 500 TRADES FROM A MELTDOWN

Good grief, it’s gotten so bad (overnight), that you just don’t even believe this crap anymore.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.

$500 billion in sell orders were saved by the Fed with $105 billion injection of more phony money.  Unbelievable.

The rest of the article touts the fleet feet of the Fed as being our savior.  Believe it if you wish, I said a while back we were toast already.

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3 thoughts on “UNBELIEVABLE — $2.5 BILLION DOLLAR BONUS FOR FAILED LEHMANS STAFF

  • September 22, 2008 at 12:12 pm
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    I hope it all crashes down… There really is nothing to write about until I see Rush Limbaugh selling apples in the street… I want to see bankers having yard sales for safe deposit boxes… I want to see these whiny little sports players having to sell hot dogs at pee wee baseball games…

    The faster this world society totally fails the better off the future will be for our children and theirs.

    WE have made a mess of this place, me included and I’m sorry for that, sorry that I didn’t wake up in time to act on what I knew, there might have been a chance at one time to save some of it, but not anymore, it’s over and to hell with it and let it fall, crash and burn… The faster the better…

    Quotes:

    “I will not be pushed, filed, stamped, indexed, briefed, debriefed, or numbered! My life is my own.”
    –No.6; Arrival

    No.2: “We can treat folly with kindness . . . knowing that soon his wild spirit will quieten, and the foolishness will fall away to reveal a model citizen.”
    No.6: “That day you’ll never see.”
    –Dance of the Dead

    “Unlike me, many of you have accepted the situation of your imprisonment and will die here like rotten cabbages.”
    –No.6; Free For All

    Chairman: “We deplore your spirit of disharmony.”
    No.6: “That’s a common complaint around here, isn’t it?”
    –A Change of Mind

    No.2: “I assure you, that no matter what significance you may hold for me, to the Village and its Committee, you are merely Citizen Number Six, who has to be tolerated, and if necessary, shaped to fit.”
    No.6: “Public Enemy Number Six.”
    –A Change of Mind

    “He has revolted. Resisted. Fought. Held fast. Maintained. Destroyed resistance. Overcome coercion. The right to be a person, someone or individual. We applaud his private war, and concede that despite materialistic efforts, he has survived intact and secure!”
    –The President; Fall Out

    Be seeing you!

  • September 22, 2008 at 1:39 pm
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    well well – looks like even the fractured fiat fairy tale ‘investors’ don’t ‘bushing’ believe in the magic wand anymore either

    today, at NY market close:
    DJI down ~400
    S&P500 down 48
    Gold up $31
    Crude Oil up ~$26/bbl
    (which TMK is largest one day ‘gain’ ever)

    Hey, it’s a start … “Hellava job, Henry”

  • September 22, 2008 at 3:25 pm
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    Maybe all elected officials, as well as some key appointees, should be reminded of the story of the late Nikolai and Elena Ceusescu of Romania. Remember them? Heh heh heh.

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