The country was asking “how could they be so greedy” to spend $400,000 for a sales reward meeting when they just took countless billions in a bailout from the feds?
Intellectually, I get it, but talk about a PR disaster.
Then this headline caught my attention this morning: Weil Received $5 Million from Lehman During Crisis
Weil, Gotshal & Manges received a $5 million advance in September from Lehman Brothers Holdings Inc. for work leading up to the bank’s bankruptcy filing, according to court documents made public Wednesday.
Lehman reportedly retained Weil Gotshal on September 10. Five days later, Lehman filed for bankruptcy. Lehman paid Weil a $5 million advance to cover legal fees and expenses arising from Lehman’s negotiations and efforts to remain in business and to prepare for the possibility of the Chapter 11 filing if negotiations failed.
Both applications lay out billing rates the two firms expect to charge Lehman. Weil says its partners charge $650 to $950 an hour. Curtis, Mallet says its partners charge $675 to $785 an hour. Rates for counsel, associates, and paralegals also are detailed.
The first comment should give pause to us all:
What about the stock holders? What about the Lehman pensions? What about the retirement plans & 401Ks.