Lehman Brothers in need of massive surgery?

"When gangrene strikes, amputation is sometimes the only sure remedy. Lehman Brothers may need to lop off two limbs." So says Breakingviews. All the attention was being paid to Fannie and Freddie and then Merrill Lynch has taken the spotlight off the firm. Which must be a relief. But the respite may be brief. Panic could easily set in again. One limb to be cut off: the ailing $65 billion portfolio of mortgage-backed securities. The firm has written this down already but more could be required. Is Lone Star still in the market? The other limb: Neuberger Berman, a core asset, but one that might fetch as much as $10 billion. So let's say Lehman takes Breakingviews' advice and sells both. It leaves it as a small investment bank with a bond focus. Exactly what it was back when it was dreaming of joining the elite. But it would survive?   

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