Forbes- Lehman Brothers is taking some of the $4 billion of capital it just raised and cleaning up a mess. It took a bunch of impaired assets out of some hedge funds it runs, closing three of them and returning cash to some investors in others.
In the dry language of a quarterly filing with the U.S. Securities and Exchange Commission, Lehman Brothers cited "market disruptions" in the latter half of 2007 and the first three months of this year that caused "certain investments" to be downgraded by rating agencies and/or "experienced a decline in fair value."
