Bryan Marsal Banks $422.9M from Lehman Brothers
3:49 pm, April 28th | by Hillary Reinsberg
Alvarez & Marsal LLC, the firm currently running ship at Lehman, made $422.9 million over the last 30 months, according to Bloomberg BusinessWeek. Last month alone, it raked in $10.2 million. Co-founder Bryan Marsal is currently running the dried up bank and in charge of restructuring the company. Dick Fuld is crying in a penthouse somewhere!
Before it went down the tubes, Lehman CEO Fuld was making a fraction of that, receiving a $40 million salary in the bank’s final year.
The defunct bank has spent $1.2 billion paying advisers and has topped over $2.4 billion in administrative costs since filing for bankruptcy. So Marsal, who bills the company at $850 an hour, isn’t the only one making big bucks. Among others, fancy-pants New York law firm Weil, Gotshal & Manges LLP cashed in $286 million as the bank’s lead bankruptcy law firm.
So much for “too big to fail.”