Saturday, April 28, 2012

Never mind

Roseanne Roseannadanna of Saturday Night Live never imploded as quickly as this LA Times story on Lehman employees' compensation;
The 50 employees were awarded more than $1.6 billion in cash and stock in the three years preceding Lehman's demise in September 2008.
However, much later in the article we learn;
The Lehman employees did not collect all the compensation allotted to them because the firm tumbled into a record-setting bankruptcy that rendered its stock worthless. 
....The most money went to Stanley Rowe, who had joined Lehman as head of Latin American equities. He received $3.53 million worth of shares that were to vest over four years. Paul S. Schechner, hired as a managing director in the real estate investment banking group in 2007, was awarded the second-highest bonus: $2.7 million worth of stock vesting over three years. 
Shares of now worthless stock.

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