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Lehman Brothers bosses spent USD10m on luxuries.

Global Banking News-27 October 2008-Lehman Brothers bosses spent USD10m on luxuries(C)2008 ENPublishing -

Global Banking News - 27 October 2008(c)2005 - Electronic News Publishing -

Bosses at failed Lehman Brothers reportedly blew GBP10m on lavish meals and first class travel just a month before their bank collapsed, News has reported.

The executives allegedly used their corporate American Express (NYSE: AXP) credit card for spending on helicopter and limo rides in London and New York, slap-up meals at some of the finest restaurants in Europe, and five-star hotels.

Any debts are unlikely to be paid and Amex staff fear the losses may lead to job cuts.

'It's absolutely disgraceful,' an American Express manager at the company's London office reportedly said. 'Some of these people must have known their bank was in trouble but they continued to spend.'

'The figure could be around USD18m owed by Lehmans to American Express, mostly corporate credit card debt including plane tickets and restaurant bills,' said Amex spokeswoman Gail Wasserman adding: 'The bill used to be paid off every month, but last month's wasn't.'

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Publication:Global Banking News (GBN)
Date:Oct 27, 2008
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