Lehman Brothers Heading Down The Tubes

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    Joe Schmo
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    High-level talks were held Saturday to try to figure out a rescue for troubled financial giant Lehman Brothers, which has operated in the city for one-and-a-half centuries.

    Sources told the Associated Press that participants included leading Wall Street executives and financial officials including Treasury Secretary Henry Paulson.

    Paulson said previously that he will not allow a direct government bailout.

    Among the options that were considered were selling Lehman outright or breaking it up into pieces.

    Lehman reported nearly $4 billion in third-quarter losses Wednesday, the largest in the company’s 158-year history.

    The losses are attributed to sales and write-downs on Lehman’s residential and commercial real estate assets.

    Lehman’s total losses for the year are nearly $7 billion.

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