Lehman: ‘It’s Over, Man’


Yesterday, under pressure from its dropping stock price, Lehman Brothers announced its intention to sell its prized investment-management division and spin off a commercial real-estate division into a new public company. “We’ve been through adversity before, but we always come out stronger,” CEO Richard Fuld said in a statement. But now the stock has tumbled even further, and the New York Times is reporting that Fuld is actively seeking to sell the entire company. The Wall Street Journal adds that potential suitors include Bank of America, and some speculate that the Fed is “actively” helping them seek a buyer. But the outlook is pretty grim. Lurking around Lehman headquarters this afternoon, the Journal overheard an employee saying on his cell phone, “It’s over, man … unless we get bought out in the next 24 hours, it’s over.”