Wednesday’s Market Recap (9/10/2008)
Lehman Brothers (LEH: 7.25, -0.54 (-6.93%)) announced today that it plans to sell a majority stake of its investment management business, spin off its real estate unit, and cut its dividend as it attempts to survive our nation’s current financial crisis. Lehman Brothers will sell a 55% stake of its investment management business and in the 1st quarter of 2009, spin off $25-30 billion of its commercial real estate investments into a separate publicly traded company which will be named Real Estate [More...]
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