Lehman Brothers (LEH) employees are understandably dismayed at the complete wipe-out of their shares, especially after Bear Stearns employees escaped with $10 (thank you, Fed), and Merrill $29 (provided Bank of America stock doesn’t continue to collapse).
After packing up their desks, many Lehman Brothers employees stopped by two bars near their Times Square office Sunday night. They could be spotted at The Palm restaurant and Playwright Tavern, many exclaiming: “$29!!”…
“This was the place to work four years ago when I came out of school,” said an employee who works in trading at Lehman but asked not to be identified. “How could it go from THE place to work to this?”…
“Are they going to take my BlackBerry?” one yelled out. “Come on, come get it…”
“People are just packing their things and leaving and many didn’t even come in,” said a Lehman employee leaving the London office, who asked not to be identified. “We were basically told to do our expenses and get our personal belongings.”
A group of five Citigroup employees came to the square in front of the Lehman building for a cigarette break. “We just want to see what’s happening,” said one of them, who declined to be identified by name. “In the course of the day you probably get everyone in the area come over here to have a look. It’s pretty scary what’s going on.”
Looking for someone to blame? Look to the top.
See Also: The Man Who Killed Lehman Brothers
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