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Here citibank says Lehman has ample liquidity (which it may), but then goes on to say that they had excellent earnings (they did not, as we found in they hid a loss through FAS 159 accounting), and then goes further to say that they are worth $65 share. Where in the world are they going to get the earnings to support such a price when revenues are being chopped in half and their business drivers are being dried up and regulation is coming down the pike and they still have devaluing assets being written down with most likely imprecise hedges?

This smacks of bank camaraderie. I agree that Lehman may have ample liquidity due to the Fed actions, but the rest of it is a stretch.