Barclays CEO Admits He Sought Buffer In Lehman Deal

Law360, New York (June 22, 2010, 3:28 PM EDT) -- Barclays Group CEO John Varley told a court Tuesday that he was “fixated” on ensuring that there was an asset buffer in the firm's purchase of Lehman Brothers Holdings Inc.'s investment banking business, although he balked at using the term "discount."

Varley testified in a trial over the disputed sale in the U.S. Bankruptcy Court for the Southern District of New York that he had to make sure the Lehman assets his company received in the deal outweighed liabilities to appease shareholders and regulators.

“We didn’t...
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