Lehman Drops Bomb

Wall Street had been expecting Lehman Brothers to post a loss of a couple million here and there. Turns out, a couple million was really 2800 million. This is their first-ever loss since going public. The company is also going to raise $6 billion in new capital.
Adding insult to injury, Jenny Anderson writes:

Lehman Brothers, among the smallest players on Wall Street, announced on Monday that it will raise up to $6 billion in fresh capital from investors.

Jeez, it’s one thing to lose money, but there’s no need to get phallic. The shares are getting smacked today, but they’re still above the panic low from March.
Bess Levin is live-blogging the call.

Posted by on June 9th, 2008 at 10:18 am


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