In Lehman's Terms
Lehman Brothers' shares dropped another 40% today:
Lehman Brothers Holdings Inc's survival was called into question as its chief executive scrambled to sell assets to cover losses from toxic real estate investments, sending shares down as much as 46 percent. The investment bank's need to raise desperately needed cash, broadly outlined by CEO Dick Fuld on Wednesday, failed to assuage investor concerns. The stock dropped $2.92, or 40 percent, to $4.33 on Thursday after falling as low as $3.88. The steady stream of grim tidings and the dearth of details from the company stoked fears that some of Lehman's clients and trading partners might take their business to more stable firms. Only six months since the collapse and eventual fire-sale purchase of venerable investment bank Bear Stearns, confidence in the Wall Street business model has faded.
In layman's terms: going, going, gone.
