Lehman Brothers' stock took another massive beating from investors this week, as its CDS spreads have soared. Some people might have felt that the shorts, after some huge gains, were ready to cover. Others felt that with the new Fed credit facility at its disposal, there was no reason to fear a Bear Stearns-like meltdown. But against the odds, Lehman Brothers has somehow managed to make itself a barometer of Wall Street's worst fears. The news from regulators that not all firms are bailout-worthy and rumors that some buy-side firms have lost confidence in it as a counterparty have pushed the uncertainty to new levels. The New York Times notes that its stock is down 70 percent this year, while a broad index of broker dealers is down 33 percent.

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

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