Barclays buys Lehman investment bank at a firesale price

Fulfilling its goal of expanding into investment banking in the U.S., Barclays was able to ink a once in a lifetime deal. It bought Lehman Brothers' investment bank for a paltry $1.75 billion. About $1.5 billion was accounted for by Lehman's midtown building and two data centers, which means that the rest, the actual know-how, was deemed to be worth just $250 million. That includes the vaunted bond operation. Hopefully, this will save many of the 8,000 to 10,000 employed by the bank. After the news was delivered on the trading floor, God Save the Queen was played over the announcement system, notes the New York Times. Lehman is still aiming to sell its investment properties. 

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