Also reported by WSJ:
http://online.wsj.com/article/SB121150995261316479.html?mod=todays_us_money_and_ investing A Shorter Slams Lehman
By Peter Eavis and David Reilly
Word Count: 688 | Companies Featured in This Article: Lehman Brothers Holdings, Bear Stearns
With Lehman Brothers Holdings' second quarter set to close next week, the Wall Street firm can't seem to put questions about its fiscal first quarter behind it.
Back in mid-March when the bank reported, Bear Stearns had collapsed the day before and Lehman was in the market's cross hairs. Lehman posted a $489 million profit, calming investors. But ever since then, investors have questioned those numbers, asking whether the profit was due to some one-time, unrealized gains.
Article contunues in the subscription-only section, which cannot be reposted, due to Copyright.
The upshot is though that no-one believes their Q1 figures and are looking forward to seeing how they spin their Q2 figures this week. Any question of back-tracking and their liklihood of 'Doing a Bear' is high...