More than two years on from the disaster that started the global financial crisis and there are some who are making big money from it. Some people in the world will always make money out of other people's misfortunes.
Lehman Brothers is long gone but The Financial Times reports that lawyers and accountants are set to make more than $2 billion out of the bankruptcy that sent global markets into a tailspin in 2008. More than 1000 people are on the payroll for the US estate and about 300 are cleaning up in Europe.
The FT says the payouts are peanuts because there has been lots of discounting but it still makes the point that some are making mega bucks out of the bankruptcy.
"A court-appointed committee led by Kenneth Feinberg, the former Wall Street "pay tsar" and current watchdog of the BP oil spill fund, has pared back fees by $5.2 million, for reasons ranging from incomplete breakdowns of expenses to overcharging for overtime meals. Some US lawyers have allowed discounts. Anton Valukas of Jenner & Block, who produced the examiner's report this year, discounted his firm's fees by 10 percent, although it still collected $54 million."
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