http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aH6Cz4OKDh.U
So basically all Lehman's had was the hot air of reputation
When it's all said and done is worth nothing
Just like the bank bailout
Because the other banks have nothing more to offer than Lehmans did
Inflated hot air with no sound backing
Toxic mortgage holdings make all the banks worthless
Lehman Brothers Holdings Inc.'s brokerage unit, in the months before its parent filed for bankruptcy protection, lost more than $400 billion in assets, according to the trustee overseeing customer accounts.
Lehman's holding company filed for bankruptcy Sept. 15 claiming $639 billion in assets, using four-month-old data. The wholly owned brokerage unit shrank to less than $100 billion in assets from $500 billion ``a few months ago,'' according to a Sept. 19 court statement by James Giddens, the trustee overseeing the settling of Lehman brokerage customer accounts by the Securities Investor Protection Corp.
The loss in value was caused by ``changes in the market,'' according to Giddens, a partner at law firm Hughes Hubbard & Reed, who spoke at a bankruptcy court hearing in Manhattan. The runoff may indicate Lehman's customers, including many hedge funds, canceled and closed out trades as they began to doubt the firm's ability to navigate the credit crunch, bankruptcy analysts and lawyers said.
