Revenue during the quarter suffered from “negative mark to market adjustments and principal trading losses.”
In other words, it had a bunch of mortgage crap on its books, not priced to reality.
Speaking of that, in what is certainly ironic, Moody’s, which contributed to all these problems in the first place, lowered its rating of Lehman’s to negative.
No comments:
Post a Comment
Your comments are appreciated, as is at least a modicum of politeness.
Comments are moderated, so yours may not appear immediately.
Due to various forms of spamming, comments with professional websites, not your personal website or blog, may be rejected.