$4 Billion Loss Is Latest Blow For Lehman Brothers
The future of one of Wall Street's top investment banks is in doubt. Lehman Brothers has been struggling with massive losses from the mortgage crisis. On Wednesday, the prestigious securities firm announced a quarterly loss of nearly $4 billion, much more than investors had been expecting.
That's after a Korean bank said Wednesday morning that it had ended talks about buying a stake in Lehman. And on Tuesday, Lehman's shares hit their lowest level in a decade as investors panicked about the company's ability to raise funds.
Lehman's embattled CEO told investors Wednesday that he will raise billions of dollars by selling off parts of the company.
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