KBW analysts, after meeting with the Lehman Brothers COO, are telling clients that Lehman is not likely to sell its Neuberger Berman asset management unit. The unit is just too integral to its operations and too valuable from a credit ratings agency stand point. So it looks like all that talk that Neuberger Berman--or even the entire wealth management operation--was on the block is not really true. This raises another issue: How will Lehman raise capital? We're operating under the assumption that it will need to--and many analysts would agree--but that may not necessarily be the case. If it is, however, what are its options? Slashing the dividend would not generate much. Issuing more stock might be tricky, risking the ire of current shareholders. KBW says that a sale of a stake to a private equity firm is a possibility. We'll have to see.

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