2008-09-11 — wordpress.com
Bear Stearns was saddled with the same toxic MBS garbage that is killing Lehman and WaMu. And Lehman - like Bear Stearns but unlike WaMu - has something that others would want regardless of the fate of their rapidly decomposing commercial mortgage portfolio - namely Neuberger Berman - a division that is still highly profitable and structured in such a way within Lehman that it’s value and operations can be rescued from the rest of the troubled company.
Thoughtful points, but we're not so sure a unit that has concrete value will keep the entire ship from sinking. Who knows how deep the loan impairments will ultimately extend. If it were me I might ask to be paid to take Lehman off someone's hands.
However Anthony does have a point: the official support seems to be much more behind investment banks than retail banks.
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