The NYTimes' Floyd Norris is live blogging the Lehman charade. He's been up since 5:55 and, so far here are some of my favorites:
"Louise Story reports that Ken Lewis of Bank of America, on a conference call this morning, said he believed Merrill Lynch was “more likely than not” to survive the current turmoil. Now there’s an endorsement. Of course, this is the same guy who stepped up to rescue Countrywide Financial, not once but twice. So it would be understandable if he has lost a little confidence in his judgment."
"Those who were complaining, only months ago, that excessive regulation was making American markets uncompetitive, had it exactly wrong."
'Usually when one company buys another, there is fulsome praise of the company being acquired. But these are not usual times."