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Lehman, we're pullin' ... for you.
Because here's the deal, my friends:
It's all hanging on Lehman Brothers.
It hangs on, we hang on.
I'm not kidding you.
We have focused so much for so long on this so overblown, over-analyzed, over-scrutinized brokerage house...that we've attached its very fortunes to our house...all our houses.
I'm not saying that's fair, or accurate, or even right.
Again, it just is.
Because it represents what I like to think is a financial firewall.
The last stacked sandbags before the rising waters.
The worry has been Lehman is next. It's losing money. Losing customers. Losing support. And losing momentum.
Lehman taking the unusual step today to say not so, not so, not so.
Moving up an earnings release that looked draconian, but not "as" draconian as some feared...
...all but completely wiping out its dividend amid a nearly $4 billion hit in the latest quarter.
And indicating it's willing to sell billions of dollars of assets to make things right...including the majority of its highly-regarded asset prized management arm.
It didn't wow Wall Street...but it didn't "not" wow Wall Street.
Let's just say, for now, the blood-letting seems to have stopped.
You know how this goes, of course. When vultures circle, they can be very patient.
Bear Stearns comes to mind. Lehman trying extra hard to say we're no Bear Stearns.
Many hoping they're right...because "if" they are, and it's a big if, not only will Lehman dodge a bullet, but a market fearing another domino falling in this cascade of crunched creditors.
John McCain once said after the Russian conflict, "we're all Georgians now," I think we might secretly be saying, whether Lehman stockholder or not, "we're all Lehmanites now" as well.
