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Has Lehman Learned Its Lessons From This Market?

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Can Lehman be trusted with more leverage? Charles Morris, a lawyer and former banker who wrote "The Trillion Dollar Meltdown: Easy Money, High Rollers and the Great Credit Crash," says that Lehman is using its new equity to re-up it's leverage ratio in chase of double digit returns. The problem is that they don't seem to have learned from their earlier failures, according to Morris.
"So why believe Lehman now?" Morris writes. "A couple of months ago, after all, Fuld was telling the world that Lehman didn't need any more equity, only to find himself scrambling madly for new equity just before the quarter's close to avoid joining Bear Stearns in the display rack of pickled corpses of former firms."
Wall St. Still Hasn't Learned [Washington Independent]