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Wednesday, September 17, 2008
Lehman's for Sale on eBay, Too
By Kathryn Tuggle
FOXBusiness
Today, eBay (EBAY) shoppers can own a piece of history--they'll be able to choose between a $500 Lehman Brothers Golf Club, or a Lehman Brothers fleece jacket for just a penny. Unfortunately, this online “fire sale” of over 450 Lehman goods is a painful reminder of the 158-year-old investment bank’s collapse earlier this week.
As well as making a buck off their used goods, former Lehman employees are using eBay as a forum to take jabs at their now defunct company.
A Lehman Brothers gym bag is listed for $43--about $2 less than the seller said he paid for one share of stock. The listing reads, “I worked here for half of my career. Bought most of my stock at a weighted average price of $45. Enough said….I think most employed people would find this [bag] useful when going to their gyms. The only heavy lifting I'll be doing for a while is taking my box of stuff home from my desk.”
Some of the more interesting items for sale include the domain name “FallofLehman.com,” which is selling for over $1,000. Also up for grabs are hats, paperweights, umbrellas, teddy bears and office “evacuation kits.”
Lehman Brothers traded at around 20 cents a share after filing for the largest bankruptcy in U.S. history--$639 billion-- on Monday. The fate of the company’s 26,000 employees is now largely in the hands of British bank Barclays (BCS), which bought large chunks of Lehman assets for $1.75 billion.
Although it’s too late for the company to recover from bankruptcy, it’s not too late for shoppers and former employees alike to snap up a T-shirt that reads, “I invested my life savings in Lehman Brothers and all I have left is this lousy T-shirt.” Yours for just $17.99.
EBay could not immediately be reached for comment on the sale of Lehman Brothers goods.
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