I do not think Lehman is done. They still have access to capital markets and in my opinion much better shape even currently than Bear. If this gains traction though watch out.
Some of Lehman Brothers' counterparties are limiting trading with the brokerage firm because of persistent concerns about its capital and leverage and a recent credit rating downgrade, Brad Hintz, an analyst at Bernstein Research, said on Thursday.
"Fixed income counterparties have become more discerning about which Lehman subsidiaries they will trade with," the analyst wrote in a note to clients.