"If The Fool persists in his Folly he will become wise." - William Blake
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Lehman Reaches Beyond Grave to Grab Millions From Nonprofits
Almost five years after Lehman Brothers Holding Inc. filed for bankruptcy and set off the global financial crisis, managers of the bank’s estate are demanding millions of dollars from retirement homes, colleges and hospitals. After selling most of its assets, Lehman now says it was shortchanged by scores of nonprofits that were forced to pay to exit derivatives that were unwound after the firm filed for Chapter 11 protection. The Buck Institute for Research on Aging in Novato, California, gave Lehman $2 million in October 2008 to cancel a swap contract used to manage fluctuating interest rates. Lehman says it wants ... (full story)
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