Klein earned $10m from Lehman deal

first_img whatsapp Show Comments ▼ KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Monday 30 August 2010 8:56 pm FORMER Citigroup high-flyer Michael Klein pocketed $10m (£6.4m) as a flat fee for helping Barclays buy Lehman Brothers’ US brokerage at the height of the financial crisis. The investment banker’s pay deal, revealed during the ongoing legal wrangle between the two sides regarding the takeover, was described as being “of great interest” by bankruptcy judge James Peck.Lehman alleges Barclays “grabbed” an $11bn windfall when it snatched the business from the jaws of collapse in September 2008. Barclays Capital, led by Bob Diamond, insists it took a risk by purchasing Lehman’s US arm at a time of severe market turbulence.A lawyer for Klein, who now works as a freelance banker and has advised Liverpool FC, said disclosing the fee could put him at a disadvantage when negotiating with clients. But Peck said the sum was “not only of great interest but it goes to the heart of his credibility as a witness”.Klein said the reward was not related to how much Barclays paid for Lehman. He claimed to have worked nearly 24 hours a day from the time Lehman applied for bankruptcy and Barclays sealed its buyout. center_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsapp Share Klein earned $10m from Lehman deal Tags: NULLlast_img

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