I think that Lehman will be taken over (either this weekend or some future weekend) for $2 per share, like Bear. And, this time, the $2 per share price will stick. They have no intrinsic value and provide no value to the market place. There are too many investment banks. If we wanted to buy junk mortgages, we could do it ourselves. We don’t need Lehman, etc. to do buy them for us and charge us for losing our money.
As per Paulson’s speech, Lehman Bros is too big to allow to fail. Another taxpayer bailout of Wall Street, without even a thank you, is in the cards.
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To wnowack, KS
Paulson’s brother currently works at Lehman. His statement might be somewhat biased.