Dubai Debt Issues Push Stocks Down
GMA: Adam Lambert, No; Chris Brown, Yes
Report: Wife Scratched Tiger Woods' Face, Chased His SUV; Update: Police Unable To Interview Couple Today
Family Gets Early Christmas Gift From Ellen DeGeneres
Street Artist Proposes on Subway Signage
Photograph by labatata on Flickr
The fallout from Lehman Brothers' self-destruction meant employees spent the weekend and yesterday packing up their things and working on their resumes. The NY Times reported that the trading floor was a third empty and the "bankers’ dress code was mostly out: while a few holdouts kept their ties knotted firmly, most of the traders moved around in jeans, casual shirts, even sneakers. One young employee showed up in a green Lehman T-shirt."
Now employees will be competing with each other for new jobs. One employee said, "It's going to be rough. You've got 10,000 employees here at the headquarters laid off. You're going to be competing amongst your co-workers for a job. That's going to be real hard." But there's always eBay: One employee put Lehman items on sale, writing, "The only importantish docs I have now are my Lehman stock certificates, which I plan on using to warm my apartment this winter when I can't afford the heating bill."
And one shareholder, David Shorr, now a wealth adviser at Morgan Stanley but a former Lehman employees, told the Post how he had 1 million shares of Lehman Brothers, which means he lost $6 million, "I'm wiped out." Shorr raged at Lehman CEO Richard Fuld, as did other employees, since Fuld apparently had a chance to sell the company in August.
There's little love for Treasury Secretary Henry Paulson too--Dealbreaker reports that there's a shrine for Paulson and Fuld on one floor: "It consists of pictures of Hank Paulson and Dick Fuld, both pierced by push pins. Hank has had his eyes gouged out, and his brain run through. Dick has one eye gouged and a pin through his heart."
add to stumble upon
add to reddit
tweet this
post to facebook
1 million shares of LEH would mean he lost about $60 million during the course of 2008.
Sucks, but what kind of "wealth advisor" has all his eggs in one basket?
I know I'm going to get destroyed for saying this, but I can't drum up any sympathy for these people. Aside from the poor schlubs that got stuck when the big boys fucked up.
"...always look on the bright side of death, doo-dooh, doo-dooh, doo-dooh"
It must be hard when the invisible hand of the market slaps you in the face for a change.
Check This out! My friend quit his high paying IT job so he could go to NYU Stern Business school to get his MBA so he could get a even higher paying finance job. He spent 175000 for NYU and then had to kiss so much ass to get a gig at Lehman. We just had a big party for him 2 months ago. Now this. Sad.
Really, bxbrian, you can't drum up any sympathy for people losing their jobs because of management f*ck-ups? What about the support staff and administrative assistants who obviously have no hand in any of this? There are plenty of decent people who work in banking and the actions of a few careless and greedy people ruined it for all of them.
My husband is a lawyer for Lehman and will probably lose his job along with everyone else. And because he's in a specialized part of the financial industry, it will be difficult for him to find a similar position at his level. He had NOTHING to do with this situation. Still no sympathy?
save save save.
@ab_bklyn
Aside from the poor schlubs that got stuck when the big boys fucked up.
Epic. Fail.
You putz, I obviously feel bad for these folks. There are people just like me putting their belongings into boxes right now. I looked at Lehman every day at my old job and hoped to work there. It didn't happen, and if it had, it would have been in Corporate Comm. So, I obviously would have been one of those people.
I apologize if you didn't see that I obviously meant I can't feel sympathy for the jet-setting yacht owners; but then again I think you should really read something over before throwing a fucking hissy-fit. I couldn't agree with your statements more--you would have seen that.
And you know what? I guarantee you have a much cushier life than me right now anyway, so even though I do feel some sympathy, you can still go fuck yourself. Read what someone says before throwing a tirade at them.
I dunno, still looks like a party to me. how bout explaining it to the people who lost their homes?
you know what sucks? when you're being led out by security with your stuff in boxes.
Barclays' CEO just visited their trading floor and they believe they can save 9,000 Lehman jobs. So it's bad but not the end of the world...unless they just hate dealing with Barclays.
Even worse if security had their guns drawn.
Oh well one day worth millions, next day zip. Too bad for the support staff, they didn't deserve the situation. I guess the biggies will have to brown bag it for awhile. Nah, they probably have a stash hidden somewhere and life goes on.
And another one, and another one ..another bites the dust ..hey! it's gonna get you too! another one bites the dust ....
Let's all sing along!. The shit has hit the fan and the pink slips have hit the shit.
One year everybody's getting record bonuses, the next year...this. Live by the sword, die by the sword.
"I can't drum up any sympathy for these people."
What you wrote was crystal clear, assface.
Karma's payback.
I'm waiting for them to start jumping like they did back in the 30's.
Splatter Time!
I don't feel sorry for them at all in fact I wish I was there watching the wimenz walk out Id offer them $$ for corporate lap dances they gave out at the parties they through. Yiff Yiff!
Jesus, if you don't know what you're talking about please go back to commenting on the raccoon that was run-over or some other shit because its embarrassing.
Not everyone who works at an investment bank is the stereotypical I-banking dick. There will be some yes, but probably only about 100 from the 25000 regular hard working people that originally worked there.
No-one was led out by security, those people hastily moved their shit out on sunday and some will be moving those boxes back in soon.
All the hatred for the investment banks is ridiculous and idiotic. Them failing is bad news for everyone.
I prefer to call them Ibank douches.
greed is good and God. jesus is right, another one of those who don't know what they're talking about.
because we're doing so well now.
Like a broken record.
Awww, i feel so bad for these greedy robots. They single handedly destroyed our economy. Gues there will be one less Yacht to ski behind next summer. Oh well.
Share a special Lehman Brothers memory...it's all on ebay.
@qwerty:
Stay in fucking school, and try reading a little closer. You probably got a business degree, which would explain it.
Anyone here want to pick up a lease on a 2008 Land Rover?
Them failing is bad news for everyone.
I'm not so sure about that this forest fire had to happen dead wood had to go, life goes on and
tragic change at times is part of the eternal equation.
banks are crooks prove me wrong
http://www.youtube.com/watch?v=b7Jxx7bFsjI