The US government is helping to arrange a sale of Lehman Brothers this weekend, the Washington Post reports, with the Treasury Department and Federal Reserve working with the reeling investment bank to hammer down its fate before the Asian markets open Monday morning. Officials are reportedly talking to several different suitors and helping Lehman sort through the different scenarios.
Lehman announced a major restructuring plan this week to calm fears over a $3.9 billion quarterly loss; its shares dropped another 40% today, to $4.22, down from $60 in February. Moody's is threatening to cut Lehman's credit rating unless it teams up with a strong partner. Bank of America is said to be one of the potential suitors.