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Lehman Shares the Love
There is good news and bad news for employees of Lehman Brothers today. The good news? They are getting a midyear bonus. The bad news? It's shares of Lehman.
To be fair, that's bad news only if you think Lehman's prospects are bleak. Its shares are down 64 percent this year as its struggles with the storm in the credit markets and questions about its credibility. But many, including Morgan Stanley analysts on Tuesday, have said that they see now see a bottom in the stock.
Lehman itself is taking advantage of its depressed stock price, which on Monday reached levels last seen in 2000, to try to bolster employee morale and build loyalty to the firm.
Susanne Craig of the Wall Street Journal reports that Lehman will award employees 20 percent of the stock award they got in 2007. The rest of their 2008 compensation, in cash and stock, will go out in January. The shares will vest over the next three years.
After a strong gain on Tuesday, Lehman shares are up 7 percent this afternoon.
Is this a sign that Lehman's comeback is at hand?
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