Lehman's Bankruptcy Advisers Get $262.6 Million

bloomberg.com:

July 9 (Bloomberg) -- Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, paid its advisers $262.6 million for nine months of work, according to a filing with the U.S. Securities and Exchange Commission.

The best-paid firm through June was New York-based restructuring adviser Alvarez & Marsal LLC, which has taken $115 million in fees since Lehman declared bankruptcy in September, according to papers filed yesterday. Lehman's primary law firm, Weil Gotshal & Manges LLP of New York, received $63.7 million through June for a team headed by partner Harvey Miller.

Read the whole story: bloomberg.com

Comments

[SamKnause]

I am sure that they worked very hard and earned every penny of that outlandish amount of money. NOT!!! Nine months of work earns 262.6 million for advisors!!!

[RJII]

it just seems like its going to take an uprising by the people to put these people straight. Torches, pitchforks and all.

[totaldisbelief]

locked and loaded

[Adartist777]

Now that's a good job. Wonder if they need somebody to sweep the floor.

[bola47]

add this to the millions that aig wants to pay in bonuses and the junk debt that morgan stanley wants to pass off as a good risk. W T F?

[max08]

Who paid for this? Taxpayers?

[ObamAtomic]

WTH is that?
"Absolutely Not Necessarily"

[climatebabes]

Get that money back. Who is looking out for those that povided the money?

[Moshe]

The people we send to Washington to look out for us are being far better paid by the people stealing our money.

[CitizenFarmer]

Rahm and Barry paid that money. You can't get it back, it is gone; some to new cars, new houses, mistresses, Shelly's staff, Rahm's pocket, and some to Israel to buy more white phosphorus.

[JillScumber]

I object to your uncalled for slander. I object.

[pastpartisan]

Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long
tem. Even the New Deal failed to increase private investment. It wasn't until 1941 that
domestic private investment reached 1929 levels. The fact that the first stimulus has failed
to stop the bleeding yet isn't surprising. Our government deficit for the year which is over
20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are
summed) is unsustainable and something's gotta give, whether it be the lenders or the
interest rates.

hat tip to http://www.iamned.com

[PhilipTaylor]

Seems right in line with Wall Street GREED!

Thanks to the Morgan Stanley evidence today this argument is even more relevant:

Their is MASSIVE Evidence the Scheme used by the WSt Bankers was premeditated and therefore HIGH CR!MES were committed!

This was WELL EDUCATED MEN (mostly) making ZERO mistakes except one - They thought they would get away with it! To assume that Masters and PhD level managers simply made some mistakes is naive and irrational.

TWO SIMPLE FELONY FRAUD CHARGES:

1. Premeditated Manufactured Insider Trading
a. Make a lot of Sure Fail Product knowing it will fail
b. Buy Massive A1G Credit Default Swaps which is Betting the SURE FAIL Products will fail!
Make it to fail and then bet it will fail: "Manufactured Insider Trading" 100% sure BET!

2. Misrepresentation of Hugh Risk "FAKE Rated" products as Safe Low Risk "AAA" and sold to victims all over the world!

Both Cr!mes are Felony Fraud and are well documented! They provide evidence for decade or longer terms in Pr!son!

Ask Chef Martha who did next to nothing compared to the $Trillion Scams these Banksters committed yet served years!

[totaldisbelief]

definitely a rigged game and should be prosecuted.

[WorkingClass]

That's a great photo. You gotta love Code Pink.

[Mike Keough]

175 to 200 lawyers working full time on this. Billing rate around $200 to $300 an hour? Oh that's right, this was all so complex and complicated. I keep wondering why we allowed all of the mergers. If this was a Mom and Pop enterprise we would not have these types of problems. I cannot wait for regulations...

[totaldisbelief]

don't be disappointed when the watered-down regs do nothing to curb this behavior.

[jsgaetano]

Don't forget- former president George Herbert Walker Bush and his son, former Florida governor John Ellis "Jeb" Bush both worked for Lehman.

It's almost guaranteed they were draining the bank accounts before the Lehman ship went down. The Bush Crime Family is always at the forefront of loan fraud.

[enoughalready13]

Well, let's give the Bush Crime Family more credit ... they are at the forefront of EVERY major fraud, not just loans ... government contracts, military contracts, oil inflation, election fraud ... the list is endless.

[lj9283]

Even more outrageous George H. Walker (the President's cousin) is the kingpin in the newly reincarnated asset management firm that’s emerging from the collapse of Lehman Brothers Holdings Inc.

http://www.pionline.com/article/20081002/REG/810029986

He got to buy it a a bargain basement price.

So they only Financial Institution that Bush's team sent to bankruptcy got the president's family a bank.

[totaldisbelief]

a bloodline that should be ended

[dnpvd51]

Stinking parasitic lawyers.

[Mondayboy]

Vultures

[IMissAmerica]

I heart Code Pink.

[SnoDad]

Citibank debt plunges as investors panic - http://www.capitalismgonewild.com