Lehman loses its shirt

Lehman just declared the largest loss in its 160 year history.  Even analysts who had been expecting a big bath were shocked.  The stock value nearly halved in trading this morning.  (Side note:  if you doubt insider trading takes place, look at what happened yesterday.  Clearly a number of people got a hint of those numbers in advance.)  The company announced that its spinning off art of its operations to raise cash.  Nonetheless, don't be surprised if they turn up at treasury's door soon, asking for a handout to stave off a liquidity crisis.

Presented by

Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register with Disqus.

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

A Miniature 1950s Utopia

A reclusive artist built this idealized suburb to grapple with his painful childhood memories.

Video

Why Principals Matter

Nadia Lopez didn't think anybody cared about her school. Then the Internet heard her story.

Video

A History of Contraception

In the 16th century, men used linen condoms laced shut with ribbons.

Video

'A Music That Has No End'

In Spain, a flamenco guitarist hustles to make a modest living.

More in Business

Just In