"Please
be advised that current margin requirements for Lehman Brothers
Holdings Inc (LEH) are currently under review by our Risk Management
group and will likely be increased shortly. Please take appropriate
actions and manage your risk accordingly."

Risk
management is expecting a lot of downward pressure and the word is at
least a few institutional client have left the bank. I am sure Lehman
is probably hitting the Fed fund window. I wonder what the mentality of
their counterparties are. The issue is not whether you think they are
sound or not, but whether it is worth the risk to find out. I know I
wouldn't take the chance, despite the fact the risk is not extravagant,
it is still more than my tiny operations can afford.