In the News: Renowned Investment Bank Looking for a Buyer

Lehman Brothers CEO Richard S. Fuld Jr. has stepped up efforts to sell the 158-year-old investment bank. The bank had originally been planning to sell only its investment management division, but now wants to sell the entire company. The company’s stock has dropped nearly 40 percent over the past week after reports that it lost $3.9 billion in the last quarter. Earlier this year rival Bear Stearns was acquired by JPMorgan Chase with the assistance of the Federal Reserve Bank after Bear teetered on the edge of bankruptcy. Potential buyers for Lehman include several other investment banks as well as private equity companies.

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