Saturday, Aug 16, 2008
Want to catch a "falling knife"?
TIMES: Lehman Brothers in talks over sale of $40bn real estate assets
"Lehman Brothers, the Wall Street investment bank, is understood to be in talks to sell its entire $40 billion (£21.5 billion) real estate portfolio in a move to stem losses incurred during one of the worst property slumps since the Great Depression. The bank – whose stock has fallen 69 per cent since the credit crisis erupted just over a year ago – is believed to be prepared to take a $5 billion hit on the sale of the assets and securities".
Posted by alan @ 05:18 PM (457 views) Add Comment
1 Comment
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1. paul said...
Now that is called "burning the boats". Wow.
They are dumping their entire real estate portfolio? That's a vote of no-confidence for the entire sector.