Sleeping ugly

Potential bidders must be salivating at the prospect of taking a stake in Lehman Brothers’ investment management business. They’re likely to drive a hard bargain considering the Wall Street firm’s woes – notably its likely need to raise additional capital to cover more losses on its $65bn-odd commercial and residential real estate holdings. But any argument for a lower valuation for Lehman’s unit could reflect back on the buyers. How so? Well, it’s hardly a stretch to imagine interested parties ...