Lehman Expected to Post Another Loss

"Readers know that we have been suspicious of Lehman's claims that they were on sounder footing that the market was giving them credit for and had put the worst of their financial woes behind them. Our doubts were fueled by the number of open questions surrounding their claims of deleveraging and their extremely aggressive spin management and use of leaks to the press between earnings announcements to bolster their case. The combativeness seemed not merely to be a magnification of CEO Dick Fuld's famously pugnacious personality, but also a backs-against-the-wall reaction, a de facto admission that their situation indeed verged on desperate."