Remember Lehman Brothers? Well, we're almost at the two year anniversary of their unfortunate demise, and though the company no longer exists, the pieces do. The Wall Street Journal ran an interesting article on what has become of Lehman's "assets," human or otherwise. How's this for irony? "The [Lehman Brothers] sign sold for $66,355 at Christie's on Wednesday."
As much time as the WSJ devotes to the futures of Lehman's employees, there may be more to this than just rearranging of jobs. The WSJ makes references to Drexel Burnham Lambert throughout, which I think is quite apt. The mistakes of Lehman Brothers did not generate out of thin air. It was the people in the firm who caused their crisis. Sure, it may not be everybody's fault, but certainly some of the top level people are responsible for some of the madness that ensued. The question is, is this the best way to cleanse Wall Street of the immoralists? Moving people around doesn't, obviously, bring in new ideas. Goldman may get some of the thoughts of Lehman, but clearly those weren't exactly great ideas. My point being, there needs to be a new generation. I realize that there are tons of budding investment bankers in every school around the country, but they're getting corn fed the same old bullshit (pardon my French). This is not the place to go into my moral views (maybe later), but if you think the companies going bankrupt, and their employees moving around, is the sign of change, think again.