One of the Pricewaterhouse quartet in charge of the Lehman Brothers
administration has explained why traders were offered big bonuses to stay on and
help unwind the mountain of outstanding transactions held by the bank.
In the wake of Lehman’s collapse, the key staff members were offered a new
pay package which was propped up on an attractive bonus scheme dependent on the
traders striking deals which would improve Lehman’s financial position, the FT
Weekend Magazine reported.
‘You’ve got a bunch of people here who know these markets so well, and with
the right piece of information they can make you- or lose you- hundreds of
millions of dollars. The last thing you can afford to do in these circumstances
is be cheap, because if you’re cheap, you can ruin the ship or a ha’porth of
The administrators are now preparing to face creditors this Friday.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children