Lehman Brothers raises $3 billion

So who invested in Lehman Brothers? That's the big question. All we know is that Lehman intends to raise $3 billion from American institutions, not sovereign wealth funds. The move is necessary, given the recent anxiety that the company was another Bear Stearns waiting to happen. That does not appear to be the case, but we all know how rumors can take on a life of their own. And there were great fears related to its Tier III capital. People would feel better if they knew who snapped up the convertible shares, which pay a hefty 7 to 7.5 percent rate and convert to common at $50. The bank trades at about $36 now. 

For more:
- here's the New York Times article

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