"the investment bank that filed the biggest bankruptcy in history, got temporary permission to pay premiums for insurance covering corporate perks including private jets and officer liability."
How come Lehman has NO PROBLEM with LOANS? How do you think they are going to make the premium payments for the perks?
Come on, America, WAKE UP!!!!
"Lehman gets OK to pay insurance; Bankruptcy court will review fees" by Bloomberg News | October 3, 2008
NEW YORK - Lehman Brothers Holdings Inc., the investment bank that filed the biggest bankruptcy in history, got temporary permission to pay premiums for insurance covering corporate perks including private jets and officer liability.
Lehman, which filed for bankruptcy Sept. 15 after failing to find a buyer, paid annual insurance premiums of $11.8 million for directors and officers' liability insurance and $2.7 million for terrorism coverage, according to court papers.
That's just MOVING AROUND MONEY so EVERYONE can GET a PIECE!!
That's what "insurance" is -- a SINKHOLE for CAPITAL!!!!
The bank had a policy from AIG Aviation insuring two private jets, one for as much as $34.2 million and another for as much as $38.8 million, along with a Sikorsky helicopter, for as much as $8.8 million.
The amount of $$$ these guys toss around -- while there is NO HELP for YOU, 'murkn!! Aren't you ANGRY?
Lehman's request had been challenged in court by an ad hoc group of bondholders opposing payment of the premiums. Separately, US Bankruptcy Judge James Peck denied a request from the bondholder group for access to Lehman financial information currently available to the official creditors committee.
Sig Heil!
The members of the ad hoc committee hold about $10.3 billion in senior notes and $2.3 billion in subordinate notes. The group has said in court papers that it wants information related to the sale of New York-based Lehman's North American business to London-based Barclays Plc. Peck later ordered lawyers for Lehman to provide more transparency about what was going on in the case. --more--"
But TRUST THEM with $700 BILLION of YOUR TAX DOLLARS!!!!
