Thursday, Sep 18, 2008
"I've heard of rearranging the deck chairs on the Titanic while it's sinking but not after the ship has already sunk,"
Evening Standard via SOTT: My anger over Lehmans' $5 billion 'betrayal' of London
The day after the fall of Lehman Brothers, Robert Daniels, a director and a senior departmental head at the Canary Wharf headquarters, is sitting contemplating his future over a stiff espresso when an incongruous email drops onto his BlackBerry.
It is from Ravi Mattu, global head of research at Lehmans on Wall Street, and it says: "I am extremely pleased to announce that for the ninth year in a row, Lehman Brothers' fixed income research team is ranked number one in the annual institutional investor survey of 1,330 professionals at 490 institutions. This achievement is the direct result of a team effort and I want to congratulate the entire fixed income division for this tremendous honour."
Posted by malct @ 11:21 AM (868 views) Add Comment
11 Comments
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1. icarus said...
The September salary bill for Lehman's in London was £150 million, split between 4,500 employees, an average of over £33,000 per employee. And they say they've been eaten - by a bigger shark.
2. Landedgentry said...
fi these cats dont know how to manage their cash for the next 6months, why were they managing other people money?
3. icarus said...
Why were they betting on a fall in interest rates as a hedge against property price falls? Frozen wholesale money markets = property price falls and a rise in LIBOR.
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. shipbuilder said...
Why is he surprised? It's a dog eat dog world, survival of the fittest etc. etc.....
6. last_days_of_disco said...
Investment banking is a big fat pyramid scam. The dudes at the top rake it in the rest just get scraps.
7. d'oh said...
"The September salary bill for Lehman's in London was £150 million, split between 4,500 employees, an average of over £33,000 per employee."
This is pretty darn important. That is an average of £400k per staff member. I find this hard to believe, even in banking. Most seniorish people I know get a little over £100-150k and all the rest is bonus...or is there another tier who get a £1000000 salary and bonus on top of that. The numbers just don't add up. £50 million might be more believable
8. icarus said...
Why were the London people taken in by the hokum and chutzpah from the visitors from the New York office? The fact that they came over to calm nerves was already evidence that there was something to be nervous about. They came with an agenda to raise the morale of the troops and would have been prepared to say anything to that end.
9. alan said...
Brilliant Post. I loved it!
Good spot Malct
10. plato said...
Now I know where my personal wealth went over the last few years. Thanks malct
11. This comment has been removed as it was found to be in breach of our Blog Policies.