Not enough: that's the general verdict of the Street on the Lehman announcement. They pre-announced a loss of $5.92. They're selling a majority stake in its investment management division and spinning off commercial real estate assets into a separate public company. The good news: raising capital and selling investments is what the Street wants.
The problem: no actual deal to raise capital was announced, in fact Korea Development Bank made a point of noting that there was "a disagreement over conditions of a transaction;" in other words, they were far apart on price. Even if a deal was announced, it's not clear that enough capital can be raised.
- Lehman In Talks To Sell Key Unit; Stock Rebounds
Financials are generally trading down, with Merrill, Citi, BofA down 2-3 percent. Europe down about 1 percent, but some of the European financials like AXA and UBS are trading up.