It's been a year since Lehman Brothers went bankrupt, an event that rocked the financial markets around the world, unleashed a wave of panic, and changed Wall Street forever. Did you think the merchants of Lehman memorabilia on Ebay would miss out on this priceless opportunity to offer up "one-year anniversary specials" of Lehman-branded junk? Of course they wouldn't.
It's been a bruising few weeks for Goldman Sachs what with the tough questions about the role the firm played in the mortgage meltdown and subsequent bailout, and any special treatment it may have received from Washington officials like former Treasury Secretary Hank Paulson. But it looks like the firm's lawyers now have one more headache to deal with: the dude in Thailand who is selling unauthorized (and terribly chintzy) Goldman-branded "keychain watches" on Ebay for $9.95 a pop. "Makes a great gift for someone," reads the ad. It doesn't specify who this "someone" is. But if you're looking to give a friend at the firm a way to count down the minutes until his gigantic bonus shows up in his checking account, you probably should make a move before Goldman's lawyers do. [Ebay]
Lehman Brothers has had an official Ebay store open since the beginning of July with proceeds from the auctions going to the failed bank's creditors. (Of course, items have been unofficially listed on the site since the bank's collapse last fall.) But now Lehman is taking it one step further: It plans to open a retail store next week at its 1271 Sixth Avenue office. "We are really excited to be able to offer this to the public because there is a demand," says a spokeswoman for the company. Better act quickly! Supplies are limited! [Bloomberg via Dealbreaker]
Can we interest you in one of Mark Madoff's business cards? Just $4.99 plus $1 for shipping, according to this listing on EBay! We have no idea what you'd do with the business card belonging to the disgraced son of admitted fraudster Bernie Madoff, but if you already have cards from Dennis Kozlowski at Tyco and Ken Lay at Enron, you might as well add it to the collection, no? Oh, and in case you're wondering, if you call the number printed on Mark's card, you'll get an automated message that suggests "trying again later." How optimistic! You may have better luck emailing him. We didn't get a reply when we sent over a little note this morning, but it didn't bounce either, so it's possible that Mark is still online. Developing! [EBay]
• Wells Fargo reported a $2.55 billion loss for the fourth quarter; it also said recently acquired Wachovia lost $11 billion during the period. [BN, WSJ]
• Steve Schwarzman says it's a "wonderful time" for the industry, despite the fact his net worth has dropped by $7 billion in recent months. [BN]
• Andrew Cuomo has subpoenaed former Merrill chief John Thain. [WSJ]
• Wall Street bonuses dropped 44% in 2008. [BN]
• Bank of America's board of directors is now feeling the heat. [NYT]
• It was Tim Geithner who convinced Citi to scrap plans to buy a new jet. [FT]
• Lunch with T. Boone Pickens: now up for auction on Ebay. [DB]
The inauguration is still underway, but don't let that stop you from trying to cash in on the action. Copies of today's New York Times—which went to press before the festivities started and doesn't even feature a very dramatic image on the front page—are now up for auction on Ebay for as much as $15.00. [Ebay]
From left to right (click photo to enlarge): 1. Madoff Canvas Tote Bag; 2. Madoff Securities Cap; 3. Bernard Madoff Gray Fleece Blanket, 4. Bernard L. Madoff Backpack; 5. Bernard L. Madoff Emergency Kit; 6. Bernard L. Madoff Golf Umbrella; 7. Bernie Madoff Beach Chair; 8. Bernard Madoff Cigar Humidor; 9. Madoff Binoculars with Case; 10. Bernard L. Madoff Insulated Travel Bag; 11. Bernard Madoff - Actual Trading Statement (Copies); 12. Madoff Flashlight
Yesterday's gigantic New York Times headline—"OBAMA"—was only the fourth time in history that the newspaper has used the 96-point type. (The others, in case you're curious: "MEN WALK ON MOON," "NIXON RESIGNS," and "U.S. ATTACKED.") Also: Copies of the paper are now going for as much as $100 on Ebay. [E&P via kottke]
You don't have to just rely on the government to fix the economy. You can play a part, too, by lending a helping hand to a former employee of Lehman Brothers. How, you ask? By picking up some of the junk ex-Lehmanites are now selling on Ebay. On sale today: a Lehman Brothers evacuation kit, which was handed out to employees after the attacks of Sept. 11 (but clearly wasn't much help when it came to evacuating employees from the credit crisis); a Lehman mousepad, which comes along with a snazzy pen; a Lehman lanyard which you can use to hang an ID card around your neck (and which, if you don't buy, could very well be turned into a noose in the near future); and this card which was used in the Lehman Brothers cafe at 745 Seventh Avenue: "Like Lehman Brothers, this card has no more remaining value."
Looking to reserve a spot for your New Year's Eve party? The Renaissance Hotel in Times Square is planning to auction off its third-floor restaurant, which formerly housed the much-maligned Chop Suey, with the bidding starting at $150,000. Spending that kind of money on a lousy restaurant located within a lousy hotel might seem a little strange. (Hey, for the same amount, you could hold a party for five straight nights in the most expensive suite room in town.) But we're guessing the hotel's general manager realizes this, too, since he says he expects "someone from overseas"—someone who's never actually been to the hotel, we're presuming—to ring in with the highest bid.
It was only a matter of time before something like this turned up. Someone is now selling "toilet targets" on EBay with reviled Lehman CEO Dick Fuld's face on them. It probably isn't a disgruntled Lehman banker fretting over the mortgage payments on his Tribeca loft who came up with the idea, though. The seller is located in South Milwaukee, Wisconsin. [EBay]
Not surprisingly, the demise of Lehman Brothers is keeping plenty of people busy on Ebay, where a long list of Lehman-related items can now be yours, assuming you're actually willing to pay good money for a ratty, sweat-stained baseball cap. But you can always think of it as charity. Since some of these ex-Lehman employees may not be working for a bit, buying their junk might just help them put food on the table until another job rolls around. Some of the items up for grabs:
We probably shouldn't be surprised to see a very brisk (and rather macabre) trade in Tim Russert memorabilia on eBay. Five days after his sudden death—and amid a non-stop stream of coverage about his passing—there's plenty of merch to choose from, including dozens of copies of the late Meet the Press host's book Big Russ and Wisdom of Our Fathers. Some of the pricier items up for sale:
You may have heard that Florent Morellet's eponymous meatpacking district restaurant, which has been serving up drunks and tranny hookers for decades, is closing down on June 29th. But you don't have to say goodbye without taking a piece of the resto with you. Morellet has been kind enough to put the eatery's decorations on Ebay, the proceeds from which will go to Florent's newly-unemployed staff. Or so Morellet says. Act quick: The map of Mexico City that once graced Florent's walls is now up to $200! No word yet on what will happen to the site after Florent bids adieu to the hood. Rent on the space is expected to jump from $6,000 a month to $50,000. Needless to say, whatever replaces it will probably involve fewer people from France and more people from Fairfield and Freehold.
