1 day ago
Monday, June 16, 2008
Much like Bear Sterns, investment bank Lehman Brothers was thought to be well insulated from the plight that other banks have faced during these difficult times. But as it was with Bear Sterns, that isn't the case after all. Lehman Brothers posted a $3 billion loss Monday, their first loss ever since going public in 1994. It's been a turbulent week for Lehman Brother, which this week raised $6 billion in fresh capital and unexpectedly demoted two of its top executives. Lehman Brothers continues its attempt to cut exposure to residential mortgages, commercial mortgages and real estate investments.