Off balance sheet, conduit, special pupose entity, related unknown HF financing exposure -------> ENRON Get out of US markets and especially US financials - or sell em. This is the judgment that foreigners will make about us.
Lehman did indeed already close its subprime unit. It was small, and folded into its larger mortgage unit. That has been the extent of the news they've had since this crisis began. Well that, and like all the rest of the investment banks, they have undoubtedly had to eat some debt on some M&A deals. Not that you'd know that from the stock price...
Do you remember MERRILL downgrading CITI, LEHMAN, BEAR STEARNS ? Take a look at where stocks are trading now ! 2 Weeks later ! Ha, ha, ha....LOL !!!