Tags: lehman | bonus | barclays

Fury over Lehman's $2.5 Billion Bonus Plan

Sunday, 21 Sep 2008 09:15 PM

Investment bank Lehman Brothers is bankrupt, but 10,000 of its New York employees stand to get a piece of a bonus pool worth $2.5 billion.

According to The Independent newspaper, that revelation has fueled a firestorm of fury among former Lehman workers, Lehman employees in Europe and the Mideast, who won't share in the bonus and may lose their jobs, and financial experts who say the bonus program is flawed.

Barclays Bank, which is buying Lehman, confirmed to The Independent that the $2.5 billion program was established before Lehman filed for chapter 11 bankruptcy. Barclays also said the bonus pool would be paid out.

Anger also is rising over the fact that Barclays is preparing to offer eight New York directors of Lehman two-year contracts worth between $10 million and $25 million a year.

"There's been a great deal of irresponsibility," the Prime Minister Gordon Brown said on BBC1. "There's an element of the bonus system that is unacceptable."

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved