Via the NYT:
Waves of selling wiped out nearly half of Lehman’s value in the stock market on Tuesday, leaving the firm, one of the nation’s oldest and largest investment banks, in an all-out fight for survival.
[snip]
Lehman’s future as an independent firm now seems more uncertain than ever, and many analysts fear that the bank is running out of time and options.
Confronting gaping losses stemming from the credit crisis, the once-proud firm is racing to secure a financial lifeline, possibly including the sale of its prized money management division or an investment from an outside investor.
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