Lehman Brothers bail out imminent – it can cost hundreds of billons of dollars in the long run
Karen Zuba
Sep. 13, 2008

Another rotten apple is about to fall into the US Tax payers burden basket. The Federal Reserve Bank of New York held an emergency meeting Friday night with top Washington policymakers and major financial institutions to discuss the future of Lehman Brothers.

The meeting, which was attended by Treasury Secretary Henry Paulson, was held at the offices of New York Federal Reserve Bank president Timothy Geithner. Fed spokeswoman Michelle Smith confirmed the meeting.

Smith refused to disclose what financial institutions participated in the meeting or whether the group had reached any conclusion over how to resolve the crisis facing Lehman Brothers.

Lehman Brothers, the nation's No. 4 investment bank, was racing to find a buyer two days after it laid out a restructuring plan it said would raise badly needed money it lost on bad bets in real estate holdings.

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