Lehman Posts $2.8B Loss

Law360, New York (June 16, 2008, 12:00 AM EDT) -- Lehman Brothers Holdings Inc. has posted a $2.8 billion loss for the second quarter, becoming the most recent Wall Street firm to take a major hit as a result of the ongoing subprime mortgage crisis.

Lehman reported the $2.8 billion net loss on Monday, an amount that boils down to about $5.14 a share. Lehman CEO Richard S. Fuld called the loss “unacceptable” and said that the bank would work toward restoring its credibility.

“Since we announced our expected second-quarter earnings last week, we have begun...
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