Lehman files for bankruptcy
The New York Times is reporting that Lehman will file for bankruptcy this evening.
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.The filing was made in the US Bankruptcy Court in the Southern District of New York by Lehman Brothers Holdings Inc., the bank's holding company.