This is what a Portfolio commentary says about Lehman Brothers' pre-announcement: "... there's a definite feeling of slow-motion trainwreck here. Still, at least the slow-motion bit is a good thing: It means that Treasury and the Fed have that much more time to find someone with credibly deep pockets willing to buy the bank outright." That's strong stuff (especially in light of the new Fed facilities). But I doubt we're at the Bear Stearns level yet. Still, between now and Monday, when Lehman's second-quarter earnings come out, there's still time for one more round in the long-short war over the stock. The news was not the knock-out punch the company was hoping for. The stock sank nearly 9 percent on the news, but the fight is still on.

For more:
- here's the Portfolio item
- C.V. Starr & Co. is bullish on Lehman Brothers. Article
- David Einhorn is still skeptical. Article | More
- New York Times Columnist: Lehman never saw it coming. Column

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