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interestrateripoff

Lehman's Ex-president Files Claim For $233m

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http://www.guardian.co.uk/business/2009/au...ory-lehman-233m

The former president of Lehman Brothers has filed a legal claim seeking $233m (£145m) in remuneration from liquidators of the bankrupt Wall Street bank, whose collapse 11 months ago wrought havoc in global financial markets.

Joseph Gregory, who served as second-in-command to Lehman's chief executive, Dick Fuld, lodged his demand with liquidators who are sorting through the remnants of what was the fourth-biggest investment bank in the US until its abrupt demise.

The precise amount of the former executive's claim is $232,999,548.71. Gregory maintains that he is entitled to this sum in restricted stock and options, some of which were linked to performance criteria through awards dating back to 1997.

Employees and creditors have until 22 September to submit demands in Lehman's bankruptcy proceedings. The week before this deadline will mark the first anniversary of the bank's collapse, on 15 September 2008 – an event that sparked the most tumultuous period of the global financial crisis, prompting panic on the markets as investors lost confidence in the broader banking system.

Gregory joined Lehman in 1974 and worked his way up. He served as president and chief operating officer until June 2008, when he was stripped of his role in a boardroom coup by executives concerned about mounting financial woes.

Since the bank's demise, Gregory has faced financial challenges in other directions. He put his eight-bedroom seaside mansion in the Hamptons, on Long Island, New York, up for sale for $32.5m but has had to cut the asking price to $27.9m because of gloom in the property market.

He's worth every penny of it.

No matter what people deserve their bonus irrespective of outcomes.

He clearly was a hard working man give him the reward he deserves for his achievements in investment gambling.

Edited by interestrateripoff

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http://www.guardian.co.uk/business/2009/au...ory-lehman-233m

He's worth every penny of it.

No matter what people deserve their bonus irrespective of outcomes.

He clearly was a hard man give him the reward he deserves for his achievements in investment gambling.

250K is chicken feed in the UK.

we are only an order of 1000 behind.

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Can you imagine any other industry where you would get such a reward for "bankrupting" your employer?

Normal people would have the decency to just shut up and get on with their lives if they had been so "successful" at their jobs.

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