Lehman Bros (LEH) will edge closer to the gallows today. The stock is likely to move under $10 this week. It now trades at $14, and some pessimists think its theoretical value is zero.
Word leaked out this morning the a Korean regulator was concerned about the state-run Korea Development Bank’s taking an equity interest in Lehman. Perhaps the Koreans would use their position to takeover Wall St.
There were rumors that CEO Dick Fuld will lose his job. That should make the stock rally, but so far it has not had much effect.
Almost every day there is word that Lehman will sell Neuberger Berman. That would help Lehman’s cash position but it would also strip the company of its most valuable asset.
Lehman’s time on this earth is getting short.
Douglas A. McIntyre
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