Bloomberg was all over Steel just now - "is Lehman bankrupt," "is Lehman going down," "why did Lehman access the discount window," "would you support a Lehman bailout like BSC?" WTF!!!!!!!!!!!!!!
The problem with letting any of these institutions go bk is the CDS exposure that is multiples of their actual outstanding debt. Look for more take-unders.
Everyone should ask themselves what happens when something to big to fail fails. Its going to happen.