A British newspaper is reporting that the employees of the London office of the now bankrupt Lehman Brothers are outraged that the New York office employees will share in 2.5 billion, yes, that's right, billion, in bonuses. Since there are reportedly 10,000 employees in the New York office, the 2.5 billion averages out to $250,000.00 per employee. Not bad pay for driving your company into bankruptcy. This is from the article:
Lehman Brothers’ British staff reacted with fury when told that colleagues at Lehman’s New York office were expected to share in a $2.5 billion bonus bonanza while they would be paid just until the end of the month.
This is the kind of stuff that drives ordinary mortals crazy about the so-called "Masters of the Universe" who run Wall Street. They apparently can run their businesses, and perhaps the country, into the ground, but they walk away with millions of dollars in payouts.
As the Telegraph article notes, "It looks like those that will suffer the most from the Lehman Brothers collapse are those at the bottom of the corporate chain while many of those at the top will be looked after."
No surprise there. The pigs always make sure their pork is protected.
1 comment:
Lehman Bros. have notoriously been the masters of the subprime loans. NINA'S (no income no assets) NODOC (no documentation required) SISA'S (stated income stated assets exactly what it sounds like "made up") these ARE the loans going bad.They did not qualify with the facts so they were brokered to Lehman Bros./Aurora Home loans. Heck...even CountryWide is STILL doing these.
I call them FRAUD...I always have and I always will.
They are under investigation right now by the FBI for FRAUD. The only "bail" they should be looking at is for going to jail but not paid for by this money being used to "bail" the homeowners out.
STILL...there are lenders with these types of loans. I for one refuse to do them, We have the ability to do so as a bank but refuse to do so. Some states like Ohio won't allow it...anyone notice that Ohio no longer has too many mortgage brokers on every corner??? Gone and rightfully so. Ohio is one of a few states that said NO MORE of these fraudulent loans. Banks will stay afloat doing good loans like FHA and full doc. and now are re-writing people out of these terrible arms and getting them into fixed rates. I am appalled that they are expecting anything at all.
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