Lehman Takes a Licking
One day after investors in Lehman Brothers (LEH) had to weather a sell-off in shares of the brokerage firm, the stock tanked again. On June 3, Lehman shares fell nearly 10% on press reports that the company intended to raise $4 billion in fresh capital, stirring market worries that the credit crunch could come back with a vengeance. For some, the plunge stirred up memories of Bear Stearns' March collapse, and financial-market rumormongers wasted no time spreading the idea that the selling in Lehman shares was a prelude to a Bear-like final act for the 158-year-old firm.
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