FOX Business has been aggressive in reporting that SEC charges against Lehman Brothers are imminent, coming perhaps in September. The press in general has been rather cautious in following up on the news.

But Charlie Gasparino reports that "the end game on this is clearly happening. And it's the two year anniversary of Lehman's bankruptcy (Former CFO Erin) Callan was one of the people putting out the positive image of the firm as it was imploding that's what they are investigating."

She apparently has not received a Wells notice, though it could still come, according to the latest Fox reports.Some people are chagrined at the thought that she will be spared SEC charges.

But we really have no idea how all this will play out. The jockeying before charges are filed can get really intense. Clearly, something is going on. The New York Times has noted that legal spending on behalf of former Lehman executives like CEO Dick Fuld and Callan has soared. 

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