Lehman Brothers art collection to go under the hammer
Lehman Brothers, the massive financial conglomerate which collapsed as a result of the credit crunch, is again in the headlines with news that the company's art collection will go under the hammer very soon. It is believed that original signs from the company's various head offices will also be sold off with the famous Lehman Brothers office sign in London expected to raise around £3000.
Overall, PricewaterhouseCoopers, the UK operation in charge of closing down the UK operation, believes that the company's art collection will raise in the region of £2 million which will be used to pay off some of the company's creditors. However, when you consider that creditors of Lehman Brothers European operations are rumoured to be looking at potential losses of $20 billion, a £2 million windfall will do very little to impact this figure.
For many people the collapse of Lehman Brothers perfectly reflects the era of greed which preceded the credit crunch and the worldwide economic downturn. This is a company which was at the heart and soul of the worldwide financial markets and was seen by many as a leader in the sector. However, when the credit crunch hit home and the economic downturn began to pick up pace the company was left high and dry and despite various last-minute rescue attempts, Lehman Brothers collapsed as the bloodletting from the worldwide financial arena began.
Share this..
Related stories
Will the next banking bailout be the last?
As the UK government looks to shell out billions upon billions of pounds yet again on the beleaguered banking industry, there are concerns that more money may be required in due course if this latest bout of financial assistance is unsuccessful. However, quite how the UK authorities would be able to raise any significant amounts of future funding is very debatable as the country is literally on it...
Read MoreRoyal Bank of Scotland starts to dismantle global empire
After news that the Royal Bank of Scotland is actively seeking buyers for its Pakistan division many are now predicting the dismantling of the global empire which pushed Royal Bank of Scotland into the top league of banking companies around the world. While the division itself is only worth around £180 million it is more the fact that the company appears to be actively seeking to sell off global...
Read MoreLloyds Bank to return to profit
Lloyds Bank has today confirmed the company traded profitably in the first three months of 2010 and expects to make a profit for the full year. This is an about turn from only a few months ago when the company was struggling with bad debts, reduced business levels and was under pressure from the government to do more for small businesses and consumers. While the company has yet to confirm the e...
Read MoreThomas Cook and Co-op merge travel operations
Thomas Cook and the Co-operative group have today announced the merger of their travel operations in a move which will see the formation of the second-largest retail travel operation in the UK, behind the post office. The combined company will be 70% owned by Thomas Cook and 30% owned by the Co-operative and become a massive force in the UK travel industry. There is no doubt that there have bee...
Read MoreEthical investment 'on the up'
Ethical funds are becoming more popular, Co-operative Financial Services claimed today.According to new research from the firm, ethical finance grew by 15 per cent in 2007 - in line with the nine per cent rise registered in general ethical consumerism across the year.The funds work by promising to use money invested in them in "green" projects such as renewable energy - and to avoid "unethical" se...
Read More