Lehman has filed for bankruptcy. Even after Bear Stearns and IndyMac I was still investing in companies without doing due diligence. I went short Lehman in the mid 40's after analyzing the preferred series P offering. However I turned long in the 20's thinking it had bottomed and considering Meredith Whitney was supportive of Lehman.
When big investors like Joe Lewis loose over a billion on Bear Stearns it should be a lesson to be very careful. I thought lightning doesn't strike twice.
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