Lehman reports $3.9 billion loss, plans changes

Source: Richmond Times-Dispatch

Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, reported a $3.9 billion third-quarter loss and said it plans to sell a majority stake in its investment-management unit as it struggles to survive a crisis of investor confidence.

"This is an extraordinary time for our industry and one of the toughest periods in the firm's history," Chief Executive Officer Richard Fuld said in a statement today. Analysts surveyed by Bloomberg estimated the New York-based firm would report a $2.2 billion loss.

The credit-market meltdown has led to more than $500 billion of writedowns and credit losses since it began a year ago, sending financial shares around the world swooning. Lehman lost 88 percent this year, the worst performer on the 11-company Amex Securities Broker/Dealer Index.

Lehman moved its third-quarter earnings announcement up a week to today, after talks with state-owned Korea Development Bank about a possible investment in the firm ended. The stock fell a record 45 percent yesterday.

Read more: http://www.inrich.com/cva/ric/news.apx.-content-articles-RTD-2008-09-10-0199.html

Can't bail out everybody.

It seems like the gubberment has enough financial liabilities of its own to be getting 'caught up' in the bailout business - yet another round of credit scams here we go - fast approaching the eye of the pyramid.

The final round involves bailing out themselves, just refusing to pay out any offshore accounts. You're either with us, or you don't get dollars, or whatever they'll be calling the currency 18 months from now.

Way to go, George. Where would we ever be without your security blitz war machine?

repercussions.

No matter what its price.

Now, if only I could get my Mia Culpa together... I could write off the pittance I owe.

:eyes: