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First Lehman Brothers' share auctioned for $33,000

First Lehman Brothers' share auctioned for $33,000

The worthless but historic first share issued by collapsed investment bank Lehman Brothers has sold in an auction in Germany for (EURO)24,000 ($33,000).
Auctioneer Michael Schmitt said Monday the share, issued by the bank when it went public in 1994, used to hang in the office of Lehman Brothers' then chief executive Richard Fuld, for whom it was issued.
Schmitt says the buyer, who wanted to remain anonymous, purchased it for its historic value.
He says bidding on the green and white document, measuring about 12 inches by nine, started at (EURO)5,000 at Historisches Wertpapierhaus's premises in southern German Wuerzburg on Saturday.
Lehman collapsed in 2008 in what is widely seen as a key trigger of the financial crisis.


Updated : 2021-06-14 08:51 GMT+08:00