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2008-09-11 — iht.com
Lehman shares traded for about $64 then. In the next six months, the company spent $1.1 billion repurchasing shares, at an average price of about $60 per share... Lehman was so confident that in January it stepped up its share repurchases, spending half a billion dollars in one month. In April, it discovered it could use some capital. It raised $4 billion selling preferred stock. In June, it raised another $2 billion in preferred, at much harsher terms, and $4 billion by selling common shares at $28. Floyd's write-up is really good. It makes me wonder if the people running these banks are simply too ignorant to run their own corporations. And I mean "ignorant" in the original sense of the word -- "not wanting to know the truth". Update: Also see The NakedCapitalism news roundup on Lehman. This part is particularly interesting, in terms of hard numbers:
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