Lehman Shares Fall 44%, More Wall Street Job Losses Ahead
Today, Lehman Brothers' shares fell as, per the NY Times, "reports that Lehman’s efforts to secure a strategic investment from Korea Development Bank...had failed." That sent the Dow Jones Industrial Average 280 points lower. And in other Wall Street news, an analyst believes that there will be many more layoffs to come. Crain's reports that Meredith Whitney of Oppenheimer believes there will be a bigger lay off rush than the dot-com bubble, "The slowdown in business today is far more pronounced and has been far more protracted than it was in 2001/02, hence we believe this resize will be at least equally painful."
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