Charlie Gasparino reports that Dick Fuld is working “feverishly” on a possible sale of the firm’s entire commercial mortgage debt book, missing almost all of the Olympics to do so (though time was made yesterday for beach volleyball, and Erin Callan has been taking copious notes* throughout the weekend that should’ve been on Fuld’s desk an hour ago). The deal apparently could be announced anytime in the next two weeks. The assets, which include those can’t lose subprime mortgage related holdings, will likely be sold at a steep discount and, according to CG, force Lehman to take further writedowns and raise more capital.
The option to sell a giant piece of Neuberger & Berman is still on the table.
Earlier: Lehman To Sell IMD?
Lehman Working Feverishly On Asset Sales [CNBC]
*With explicit directions to “pay careful attention to, and report back in excruciating detail on, Michael Phelps’s assets. And Lochte. And that Cullen boy. And the whole French team. And, okay fuck it, just use this rule of thumb: anyone in a Speedo.”
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I just read that you were on vacation this week. Do you really love us all so much?
Is that a picture of Enron’s former crude oil traders’ synchronized swimming team? I though they burned all those.
blatant excuse to discuss the physical attributes of an MOtT athlete.
bank_teller: so?
just a response to @1 — guessing the post wasn’t due to bl’s love for the readership, although i truly wish it were so. however, last weeks’ brazilian synchro swimming twins shot was pure love.
not to mention getting tax breaks on vacation expenses by somehow making them “work related”?
@6- somehow that seems unlikely. guessing the reason had something more to do with the fact that carney iowa til this afternoon?
Duh, Erin Callen doesn’t work at Lehman anymore. She’s moving to Credit Suisse, remember????
yes but she doesn’t start there ’til sept 2 and could probably use work in the meantime.
CG has speculated on just about every possible scenario at LEH (sale, part sale, part of a part sale, bigger part sale, smaller part sale, no sale, etc, etc…)…when does this smelly sweaty greasy fag start to lose his credibility???? Shoot an arrow and sooner or later you will hit. Does anyone know which bars CG hangs at so bankers and traders can shove “tips from insiders” up his ass?? I want to join.