The collapse of Lehman Brothers was such a landmark moment in corporate history that a lucrative business has sprung up auctioning off company-branded memorabilia online.
Ten years after the bank’s collapse, eBay is offering a motley collection of Lehman merchandise, from baby bibs to paperweights and baseball caps, with price tags in the hundreds of dollars.
Collectors seeking a talking point for their office desk would have to fork out $500 (starting price) for a pad of sticky memo notes, printed to celebrate the bank’s 150-year anniversary in 2000.
A more modest $55 could buy a Lehman-branded “emergency evacuation kit”, apparently handed out by the company to employees including evacuation instructions, goggles, a flashlight and a whistle.
The seller, whose eBay handle is bidearlybidoften, cannot guarantee that the flashlight still works but points out that the kit is more a “historic relic” than a practical item.
“I have given these as special gifts to VIP clients and friends, many of whom are quite wealthy and they time after time are blown away by this novelty item,” runs the promotional blurb.
There are also ring binders, a coffee mug and copies of the companies’ annual reports from 2003 to 2005, all for under $130.
Most of the Lehman gear on eBay is sold by one man, calling himself Ric Cam, who told the Guardian that he spotted his opportunity when Lehman was on its last legs.
Cam said he paid thousands of dollars to a warehouse distribution manager who had access to the Lehman merchandise.
Responding to an inquiry sent via eBay, he said: “I had the opportunity to buy the leftovers after the 2008 financial collapse of the Lehman empire. Everything came directly from their promotional division before their demise.
“There was an opportunity and a hunch that just maybe these items would sell as memorabilia and my hunch payed [sic] off.”
The result was a treasure trove of Lehman Brothers items that Cam swears are the genuine article, including a laptop bag or a crystal paperweight, both on offer for $89.89.
“Everything I sell is authentic Lehman Brothers memorabilia,” said Cam, adding: “I own the last of it.”
The items may be rare but demand is slow enough that if you buy a Lehman Brothers baby bib – for the investment banker’s infant who has everything – he will throw in a black duffel bag for free.