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Lehman Most Likely to Fail: Analyst

Lehman Brothers is likely the next investment bank to follow Bear Stearns into collapse, one strategist told CNBC's Asia Squawk Box Wednesday.

"Lehman is definitely there" among the banks in serious trouble of failing, Ron Ianieri, chief option strategist at the Options University said. "They're caught between a rock and a hard place."

"They have to raise capital right now," Ianieri said. And there is probably another bank that will fail as well, he added. (Watch the complete Ron Ianieri interview on which banks will fail.)

"I think we are going to see more than just one." Ianieri said. " I think there are maybe two whoppers out."

Lehman is currently doing everything it can to keep its independent status. It's even considering selling its investment management business, including the firm's crown jewel, the Neuberger & Berman assetmanagement unit, to drum up much-needed capital and offset possibly billions in further writedowns from risky debt that went sour.

Among all the financial stocks, Ianieri thinks that Morgan Stanley is likely to survive the crisis.

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