It sure seems that Lehman's days are numbered- very numbered. Word on the street is that the Fed has gotten involved and it is likely that Lehman will be taken over by either Bank of America or Barclay's with an assist from the fed who may backstop any securities with dubious valuations.
It seems that the Achilles heel of the Fed bailout of Fannie and Freddie is that the preferred stock holders were not paid out as the came in junior to the government's senior preferred. So, bank and brokers are stuck with yet another liability in the form of nearly worthless preferred stock. This hasn't helped Lehman or any number of banks and brokers on the street. Such added liability could weigh on the likes of Merril Lynch, Washington Mutual, and a number of others. I am not trying to start any rumors here, just conveying what I am hearing (which could be way off, ftr).
Many that I have spoken to in the financial industry see this as the last wave of bad news and the believe that the credit crisis has officially peaked. We can only hope that they are right.