Barclays Bank PLC after backing out of talks over the weekend and leaving Lehman Bros. with no buyers and having to file Chapter 11, steps in to buy Lehman Bros assets that did not fall under the bankruptcy.

Barclays Bank PLC, the 3rd Largest Bank will add to its assets it seems and come out of this a big winner all thanks to poor management and decision making by Dick Fuld the CEO from Lehman Bros.

Just last year, Robert E. Diamond Jr., President of Barclays Bank PLC, was proud to annouce they would sponsor the New Jersey Nets arena in Brooklyn, but was not able to do so, as Barclays lacked big business in the U.S.

Now in what could prove to be a pivotal moment in time, Mr. Diamond agreed on Tuesday September 16, 2008, that Barclays would buy Lehman Bros. broker dealer unit for close to $2 Billiion dollars.

When all is said and done, he might sponser that Arena yet.