Yes, it still exists. And in bankruptcy, with its obligations wiped out, it’s a fairly healthy operation. In fact, Lehman has been flooded with resumes lately.
WSJ: The wages are not great by past standards. But there are hidden benefits. It could take two years or more to wind down the firm. Such a timeline promises the kind of job security that’s a rarity on Wall Street today.
Charged with untangling the mess is Alvarez & Marsal, the New York-based restructuring firm where Mr. Marsal is a co-founder. With 150 full-time employees working on the case, its chief task is to sell off Lehman’s remaining assets and maximise recovery for creditors, which are owed more than $150 billion.
Mr. Marsal says the goal is to dissolve the firm in 18 to 24 months from now, though several restructuring experts say that’s an aggressive timetable.
You may be pleased to know that even Lehman offers its employees a modest retention bonus. Some institutions just won’t go away, no matter what. Oh, and if you do take up work there, who might you run into? None other than a certain ex-employee who won’t leave the building:
Behind the scenes is Mr. Fuld, the firm’s former chairman and chief executive, who was widely vilified when Lehman collapsed in mid-September. Though Mr. Fuld was removed from the payroll on Jan. 1 and relieved of his company-provided black Mercedes, Lehman has agreed to let him keep an office at the firm. He’s just around the corner from Mr. Marsal, who says he picks Mr. Fuld’s brain about Lehman’s business several times a week.
“We asked him to stay if he has nowhere better to go,” says Mr. Marsal. “He’s been very good about making himself available for questions about Lehman assets.”
We’d like to know: Was he really still driving around in the company-provided Mercedes up until January 1?
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