MORE LEHMAN TROUBLE...CLOSED 3 FUNDS. Sounds Like Bear Stearns!

I am fed up with all the bullshit and lies. Today's Level 3 growth reported by LEH, GS and MS was just beyond belief and now more trouble. If you remember, this is how Bear began it's fall from the peak...by closing down 3 funds and taking the 'assets' back on the balance sheet. Well, there goes 25% of the $4 Bil LEH raised. It won't be long now folks. This is all coming to a  head quickly.  -Best, Mr Mortgage

Company Takes  $1 Billion in Assets Onto Balance Sheet

By PETER EAVIS and SUSANNE CRAIG April 10, 2008

Lehman Brothers Holdings Inc. liquidated three investment funds after stressed markets caused the funds' assets to decline in value, according to a quarterly financial filing Lehman made Wednesday with the Securities and Exchange Commission.

The New York investment bank ended up taking onto its balance sheet $1 billion of assets as part of the three funds' liquidation and purchased an additional $800 million of assets from other funds, according to the filing.

In an interview, a Lehman executive said the assets were from two money-market funds and one enhanced-cash fund, a type of vehicle designed to give investors more yield than simple money-market funds.

Lehman's shares took a beating after the filing was released. Its stock tumbled 7.2% to close at $40.54 in 4 p.m. New York Stock Exchange composite trading. Morgan Stanley and Goldman Sachs Group Inc. saw their stock drop 2.6% and 2.7%, respectively.

Lehman, which raised $4 billion in capital to bolster its balance sheet this month, said in the filing the three funds were "liquidated" and the assets of those funds were bought by the bank and put on its balance sheet.

http://online.wsj.com/article/SB120779771018904281.html?mod=yahoo_hs&ru=yahoo

Comments

[The Fly]

Good stuff.

Do you disclose your short positions?

[Topper Harley]

Excellent info. Keep it up

[JakeGint]

Read about your (new?) blog on the Fly's "iBankCoin.com:" site. I'm a big fan of the youtube vids, and excited to see you expanding to a more interactive format.

Much success in the future, you're doing an awesome job.

[Mr Mortgage]

Thanks for the props...I am short every financial...there you go. Covers it all. I was not short LEH at the time the vid's were done nor Wells. Am now though.