Quick Hits: Auctioning Off Lehman - on eBay
Brief scrutiny of today's headlines.
The fall of Lehman Brothers, one of the world's largest investment firms, was followed by the piecemeal sell-off of the company's assets. While Barclays (BCS) may have been the biggest winner in the sale, now the average slob can own a tiny piece of the former firm.
Most listings come with descriptions promising "pieces of history" with accompanying tales of lost jobs and 401ks.While these rain ponchos and paperweights were once considered worthless corporate swag, they've now found a niche among collectors. One coffee mug has a current bid of $31.00, while a set of 5 promotional pens commands a $20 pricetag.
The most interesting -- and almost certainly the most disturbing -- item for sale is the "Lehman Brothers Evacuation Kit." Created and distributed to employees following 9/11, the kit comes complete with a flash light, smoke mask and emergency whistle. I suppose it may prove useful in navigating these dire economic times - or, in a pinch, as a somewhat macabre Christmas gift.
The seller offering an unopened promotional cube emblazoned with Lehman's operational principles wrote: "I wish management listened to the same things on this cube! Then [many] talented people wouldn't be out of a job." One of the principles listed on the cube: "Demonstrating smart risk management."
There may be hope for those who lost their jobs in the wake of Lehman's collapse: Just clean out your closets.
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