Monday, September 15, 2008

sixteen months ago greedy make hay – Lehman Brothers in $8.7 billion bonus payout

Lehman Brothers in $8.7 billion bonus payout - Article from Dec 2006

Article from Dec 2006 Lehman Brothers said it would pay its average member of staff $335,441 (£170,933) this year as it reported a record fourth-quarter profit of $1.0 billion, capping its most profitable year ever. The US investment bank is paying its 25,936 staff a total of $8.7 billion in salary, bonuses and other benefits for 2006 on the back of a 23 per cent rise in net income to a record $4.0 billion.

Posted by jaffa100 @ 08:19 PM (559 views)
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4 thoughts on “sixteen months ago greedy make hay – Lehman Brothers in $8.7 billion bonus payout

  • Banks may fail but the individuals who worked for them are laughing all the way to another bank.

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  • Gloom Boom Dooom says:

    Doctors. Lawyers. Architects. A decent society certainly needs them all. But what about bankers? Is banking also a necessary profession? Or is banking merely a grubby game where the few enrich themselves at the expense of the many?

    These days, the answer seems fairly obvious. We’ve simply seen too much enriching at our expense — bank mergers that have transformed local banks into faceless fronts for faraway corporate empires, escalating “fees” that bleed our checking and savings accounts, subprime mortgage shell games that devastate entire neighborhoods.

    Now banks appear to be paying the price for this great greed grab.

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  • I wonder how much of those Lehman and Bear Stearns bonuses were paid in stock? Ouch…

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  • The profits were paid from fictional profits which are now reversing into losses. Not sure about US law but I woudl have thought there will be legal action for recovery of these bonuses

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