Lehman Brothers is in the same bind as home sellers in a tight real estate market: they have a great asset for sale, but nobody has the money to buy, reports Bloomberg. The bank hopes to auction 55% of its asset-management fund, but experts say interested investors may not be able to finance a takeover that will cost billions.
Lehman CEO Richard Fuld yesterday put the unit on the market in an attempt to overhaul Lehman’s business, which has seen its stock tumble 90% since the start of the year. But private equity deals have dried up this year, falling 70% from 2007. “I don't think there is anyone who will lend them that kind of money in today's market,'' said one expert.