10th anniversary of Lehman collapse to be marked with … a party

PLANS for a cocktail party to mark the tenth anniversary of the collapse of Lehman Brothers were yesterday branded ‘sickening’.

The failure of the US investment bank in 2008 sparked the global financial crisis, which led to millions losing their jobs, homes and savings.

Now former employees of the bank are planning a reunion with cocktails and canapes in London for the anniversary.

Shadow Chancellor John McDonnell said those who had lived through a ‘decade of austerity’ would be ‘absolutely disgusted’. About 200 former staff have been invited, Financial News reported.

An email about the event, addressed to ‘Lehman Brothers & Sisters’, says: ‘It’s hard to believe it’s been ten years since the last of our Lehman days! … One of the best things about Lehman was the people. What better way to celebrate the tenth anniversary than getting everyone from former MDs to former analysts back together again!’

Mr McDonnell described the plans as ‘highly inappropriate’. He added: ‘This is absolutely sickening after a decade of people suffering austerity. It’s particularly disgraceful in the context of all the people who lost their jobs and homes to pay for bailing out these bankers who caused the financial crash.’

But Labour peer Alistair Darling, who was chancellor when Lehman Brothers failed, defended plans for the reunion, and said many of the bank’s staff were ‘wholly innocent’. He told Financial News: ‘It would be ridiculous to say you can’t meet. Honestly, of all the problems we face today, frankly a bunch of people having a glass of wine is the least of them.’

After Lehman Brothers collapsed in September 2008, the UK Government had to step in to protect British savers. It was then forced to use taxpayer money to bail out the Royal Bank of Scotland, Lloyds TSB and HBOS to prevent a collapse of the UK banking system.

Lehman Brothers employed about 5,000 workers in the UK. An estimated 25,000 staff around the world lost their jobs.

The party’s organisers are reportedly aware that it could spark controversy and have tried to keep details secret.

It was due to be held at Mayfair members’ club The Conduit on September 15 – the date of Lehman’s collapse a decade ago – but has now been moved to another London venue on a different evening.

Dennis Grainger, chairman of the Northern Rock Action Group at the UK Shareholders’ Association, said: ‘My group feels that banking generally is in total disrepute in the eyes of the “little people”. This event seems in very bad taste.’

Parties are also being planned in New York and Hong Kong.