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Barclays Offered 'Lucrative' Jobs to Lehman Execs, Raising Questions (BCS)

Oct 19, 2009 (SmarTrend(R) News Watch via COMTEX) --

Company: Barclays Bank PLC (BCS)

10/19/2009 - Court documents show that Barclays plc (NYSE:BCS) offered 'lucrative' jobs to Lehman Brothers executives handling the sale of the heavily discounted assets following the bank's collapse, according to a Telegraph report. Lehman claims that Barclays made an improper $8.2 billion "windfall profit" as a result of the deal, and has asked the New York U.S. Bankruptcy Court to re-examine the transaction. Court documents also show that at least two senior Lehman executives, Ian Lowitt and Paolo Tonucci, knew that Barclays was getting a $5 billion discount on securities.

Write to Chip Brian at cbrian@tradethetrend.com

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Company: Barclays Bank PLC (BCS)


Related terms: market, nyse, profit, securities

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