Lehman To Sell Neuberger?

Author:
Updated:
Original:

Charlie Gasparino reports that Lehman Brothers may be taking UBS analyst Glenn Schorr's advice to sell at least part of its Neuberger Berman asset management unit (which, and swear I'm not making this a Holocaust thing, I always hear in my head as "Nuremberg" and I know you do too). Selling the entire thing could make Lehman around $8 billion, which would be nice for the cash but would also mean parting ways with a stable source of revenue, something ratings agencies might have a problem with, points out CG. I know what you're all thinking and while I can't get into the specifics, nobody panic. I have it on good authority that while some iteration of this deal may in fact go through, Lehman is still seriously considering our proposal to short itself in the prime brokerage accounts of certain hedge funds, collect the winnings and then blame said evil short sellers for the inevitable fall to zero. Weight off your shoulders, etc, I know.
Lehman Mulls Sale of Neuberger [CNBC]

Related