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Friday, 27 May 2016

Archstone IPO makes Lehman look only mostly wrong

Round trip

The real-estate company could be worth $9.7 bln or more. That’s in line with the Wall Street firm’s valuation of its stake before collapsing. But ex-CEO Dick Fuld has no reason to crow. Hubris, lack of capital and poor risk controls landed Lehman with assets it couldn’t handle.

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