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Dick Fuld Said To Have Been Punched In The Face
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Dealbreaker reports that they are getting loads of stories about Fuld, many of which are probably wishful thinking. One reader wrote in and claimed that Fuld had the audacity to come in last Sunday and use the Lehman gym. He is said to have got punched in the face for his troubles. Another has him having a panic attack, and wheeled out of the Lehman HQ building on a stretcher. And yet another says that he was almost run over by a cab while crossing the road for the office (was the cab driver a former Lehman employee ?).
In the meantime, The Wall Street Journal reports that Lehman's US banking and advisory operation is now officially open for business under the ownership of Barclays Bank. Barclays has initially offered 10,000 Lehman staff jobs for 90 days, by which time it should have worked out who is for the chop.
Nomura was the sole remaining bidder for Lehman's European operations, after Barclays pulled out. The Japanese bank has already done a deal to acquire the firm's Asia business, with 3,000 staff, and has now bagged up to 2,500 of Lehman's European staff as well. The deal is said to include investment banking and equities in London, Dubai, Germany, Italy, Kuwait, the Netherlands, Qatar, and Spain. Reuters reports that there has been some talk that some Lehman bankers have been offered retention bonuses, probably based on last year's payout, with 75% payable in January and 25% next August.
Bloomberg reports that the bankruptcy of Lehman will probably mean that hundreds of hedge funds will have to wait 'months' for the return of their prime brokerage assets. And finally, FT Alphaville reports that Lehman bondholders could end up facing losses of almost $110bn once the winding-up process is concluded. Just one week before the firm filed for bankruptcy, its $110bn in senior debt was trading at close to 95 cents on the dollar. Its now trading at 18 cents. The firm's $17bn of subordinated debt is trading at just one cent on the dollar.
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