Posted on 09/11/2008 4:10:27 AM PDT by TigerLikesRooster
LEAN-MAN BROTHERS
By MARK DeCAMBRE
September 11, 2008 -- Lehman Brothers is likely to look more like a beefed-up version of advisory firm Lazard and less like a bulge-bracket Wall Street firm after the dust settles on its planned "bad-bank" spin-off.
Should the 158-year-old firm retain its independence and not be bought outright, as many are speculating might happen, observers expect the global franchise to exist as a much smaller company.
Predictions are that Lehman, which currently has roughly 24,000 employees, might need to shrink by 7,000 or 8,000 in order to confront a tumultuous market and prepare for the stark realities of a business model that no longer favors highly leveraged banks.
Lehman has already announced staff cuts of about 1,000, which it completed on Tuesday when its shares plunged 45 percent.
(Excerpt) Read more at nypost.com ...
Ping!
Throw billions in taxpayer money at it, what the hell. In fact, buy out the every stinking failing bank there is. Why not. It’s all monopoly money anymore...
agreed... not real sure why our tax dollars are being used to save companies from their bad decisions.
I’m 100% sure why this is.
Paulsen is the former CEO of Goldman Sachs.
The taxpayers are expendable cannon fodder in this economic massacre, but bankers and professional traders, why, they’re so much more valuable. Can’t have any consequences laid at their doorsteps...
Why are the millionaires in government bailing out the millionairs in banking? Beats me. Maybe to avoid uncomfortable silences at the country club.
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