Lehman Brothers NY Employees Will Share $2.5B Bonus: Independent
Worried about Lehman Brothers employees' bonuses? You might be even if you're not naturally empathetic: we've heard many locals fret that without those big payouts, the remaining Lehmanites won't be able to feed the local ecomomy in the manner to which we've become accustomed.
Weep no more: the Independent reveals that prior to going under, Lehman New York arranged for 10,000 of its people to share a $2.5 billion bonus pool, and Barclays, new owner of Lehman U.S. operations, expects to honor the arrangement.
This averages out to $250K per Lehmanite -- which compares nicely with the average Lehman bonus in 2006, reported at $210,707.
London Lehmanites are upset because just before filing Chapter 11, Lehman New York took receipt of $8 billion in cash from the European business. The Independent says there's "no suggestion" that any of this funds the bonus pool.
If you're of a less sympathetic nature, you may enjoy these possibly apocryphal stories circulating about Lehman head Dick Fuld, including reports that he had a panic attack and was "wheeled out of the Lehman HQ building on a stretcher" and, while audaciously visiting the Lehman New York gym on Sunday, was "punched in the face."