Posted on 09/11/2008 2:36:55 PM PDT by milestogo
U.S. Government to Arrange Sale of Lehman Brothers
By David Cho and Heather Landy Washington Post Staff Writers Thursday, September 11, 2008; 5:30 PM
The Treasury Department and the Federal Reserve are engineering a sale of Lehman Brothers through a consortium of private firms. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.
Lehman Brothers, which had been anxious to show it could weather the credit crisis that contributed to the firm's $3.9 billion third-quarter loss, said Wednesday that it would sell a majority stake in its investment-management division, slash its dividend and spin off about $30 billion of real estate assets.
(Excerpt) Read more at washingtonpost.com ...
The beginning of the end of American Capitalism.....
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