More on Pirates and their gambling party…

Thanks to internet again – it’s much easier to gather data these days! It’s amazing to look back at the biggest gambling party that went on and how Wall Street pirates blew it all up!

Here is the report from December 14th, 2006.

“Lehman Brothers said it would pay its average member of staff $335,441 (£170,933) this year as it reported a record fourth-quarter profit of $1.0 billion, capping its most profitable year ever.”

Same week, Bears and Stearns, US Investment bank declared its highest ever profits.

A few days earlier, Goldman Sachs announced that it would pay its 26,400 staff an average of $622,000 in compensation due to record profits.

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In March 2008, Bears and Stearns couldn’t be saved and sold to JP Morgan for peanuts!
On Sepember 2008, Lehman Brothers filed for bankruptcy and disappeared.
Goldman Sachs….? Well, so far it’s standing on its feet. Only future will tell.

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I sit here and wonder how all those smart, savvy MBAs took companies from record profit to bankruptcy in 18-20 months? See I told ya, these are all pirates in disguise. They still gambled! Old habits die hard! Smiles...