Lehman Pissing In the Wind at Environmentalists

Seems that Lehman Brothers hasn’t been making itself any friends in coastal area of Southern Connecticut where many Wall Street big shots own have summer homes. After years of trying to develop a 1,000-acre swath of forest full of the kind of ingredients environmentalists love to save--wetlands, vernal pools (whatever the hell those are) and rare plants--the firm suffered another setback when Old Saybrook’s inland wetland commission voted 4-3 against its latest plan. What’s a multi-billion-dollar investment firm to do? The Hartford Courant advises Lehman to cut and run:

The Preserve has become a rallying point for a well-organized and vocal coalition of residents, environmental groups and state officials who want the land protected from development. It is also the subject of legislation, introduced by state Rep. James Spallone, D-Essex, authorizing the state to bond $8 million toward the purchase of the land. That bill won the unanimous approval of the Environment Committee last week. Environmental officials and representatives from Old Saybrook, Essex and Westbrook have also expressed interest in helping with the purchase. By negotiating a realistic agreement, Lehman Brothers would be cutting its losses and capitalizing on a high-profile moment of goodwill.

You’d think they would have just paid off the right people by now.
Lehman Brothers: Sell Preserve [Hartford Courant]

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