CORRECTED-Brown urges U.S. to help repatriate Lehman cash

Sun Sep 21, 2008 9:47am BST
 
Email | Print | | Single Page
[-] Text [+]

Corrects final paragraph to make clear money transferred to New York from London, instead of from New York to London. MANCHESTER (Reuters) - Prime Minister Gordon Brown said on Saturday he was pushing the United States to help return $8 billion (4.4 billion pounds) from failed investment bank Lehman Brothers to its staff in Britain.

Brown also said he would visit the United States on Wednesday to meet with financiers and global authorities to discuss the turmoil in financial markets.

"We are asking and working with the American government to get that money back to pay salaries, not of high-flying financiers, but of cleaners and people who are computer operators who would otherwise be denied their money," Brown told delegates at the ruling Labour party's annual conference.

Administrators for Lehman's European operations have questioned why $8 billion was transferred to New York from London just before the bank collapsed.

(Reporting by Matt Falloon, Editing by Sumeet Desai)

 
Detail showing a commercial U.S. Dollar rate against British Sterling is displayed in central London in this file photo December 1, 2006.  REUTERS/Toby Melville
Pound picking up strength

Sterling will gradually strengthen against the dollar over the next 12 months but is unlikely to move much, a Reuters poll shows.  Full Article | Related Story 

Photo

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos