Lehman Brothers and Merril Lynch aren’t the only ones frantically liquidating assets this week. Ex-employees are flogging their bank memorabilia on Ebay faster than you can say 'Chapter 11'.
The online auction giant is doing a roaring trade this morning as everything from Merrill-emblazoned golf balls to Lehman-branded pins and shirts are being snapped up -- as if there was no credit crunch or softening consumer market after all.
As the financial sector wakes up to smell the coffee, Lehman mugs were fetching as much as US$48 a piece, whilst a black baseball cap bearing the bankrupt logo had already received bids up to US$56.
Forward thinking Lehman/Merrill employees were probably the ones snapping up the logo-adorned duffel bags at US$150 a pop; much-needed accessories for packing up Merrill-inscribed golf clubs when they clear their desks throughout this week.
Cashing in on Merrill Lynch’s humiliating US$50 billion takeover by Bank of America, cyber opportunists were selling merger web domains for thousands of dollars, proving that the banks could make some money after all.
T-shirts, blazers, key rings, all going for top dollar. But one particular item really said it all; a slice of toast with the letters LB burned into it. Crunch, crunch.