More than two years after Lehman Brothers went bust and sparked off the global financial crisis, people are still cleaning up and making enormous money out of it.
Bloomberg BusinessWeek estimates that Lehman is paying its advisors $1.3 million a day. Total advisors' fees are now over the $1 billion mark. Creditors aren't doing as well. They're just getting 15.8 cents on the dollar.
Just a few weeks ago, the administrators raised millions of dollars auctioning off Lehman art works for Christies in London. Works of art sold off included Gary Hume's Madonna and work by Mexican artist, Gabriel Orozco.
As Forbes says, this has to be the most expensive corporate death in history. Indeed, the ghosts of Lehman Brothers and the money pouring into the hands of administrators and advisors suggests that it's still very much an investment bank. Old habits die hard.
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