Word: lehman
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...McLean, will do a long-term take on the crisis for Portfolio, with their advance rumored to be as much as $1.6 million. Roger Lowenstein, contributing writer for the New York Times Magazine, is writing Six Days That Shook the World for Penguin Press, which examines the week when Lehman Brothers went bankrupt, Merrill Lynch was bought and AIG received a government bailout...
...government's money directly, but in the case of Morgan Stanley and Goldman Sachs, they were facing a severe crunch," says analyst Brad Hintz, who covers financial firms at Sanford Bernstein and is a former chief financial officer of Lehman Brothers. "Had it not been for the government's help in refinancing their debt, they may not have had the cash to pay bonuses." When asked, the Treasury would not comment directly on Wall Street's bonus plans, though spokeswoman Brookly McLaughlin did reiterate the bailout's intent. "There is broad agreement that the Treasury's capital purchase program...
...fact that there could be far fewer employed Wall Streeters by the time year-end payouts are made. Goldman Sachs reportedly plans to cut 10%, or 3,250 workers, from its payrolls. Barclays is expected to eliminate 3,000 jobs from the former investment-banking division of Lehman Brothers, which it acquired in September. And Merrill Lynch's John Thain recently said that he expects thousands of job cuts in the wake of his firm's acquisition. All told, Hintz expects Wall Street employment to fall 25%, which could mean a loss of 43,250 jobs in New York City...
...smartly-dressed company reps fly in to dangle the big numbers that quickly lure spreadsheet-crunching MBAs onto the lower-rungs of their corporate ladders. And even in the current environment, some students are winning lucrative posts. At Rice, a student who fretted his full-time offer from Lehman Brothers would vaporize when the Barclays takeover was announced got a call that same day saying his offer would be honored. That's the exception, though, says Fuehne. "Many of our students who interned in banking did not receive offers...
When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of them did what any number of their colleagues around town have been doing for years: they threw a party. On the equity-trading floor, the internal p.a. system known as the "hoot" blared out the R.E.M. song "It's the End of the World As We Know It." And then...