AP
Goldman cuts projections for Lehman and others
Tuesday August 19, 5:56 pm ET
NEW YORK (AP) -- Lehman Brothers Holdings Inc. received more bad news on Tuesday after another analyst projected that the investment bank will unveil a big third-quarter loss.
William Tanona, an analyst at Goldman Sachs, said after the market closed he believes Lehman will post a $2.5 billion-to-$3.5 billion loss during the quarter. He also believes that any recovery for the troubled industry is still a few quarters away, and that many Wall Street banks will focus on purging their books of risky mortgage securities.
He also lowered third quarter and full-year estimates for Merrill Lynch & Co., JPMorgan Chase & Co., and Morgan Stanley. Major investment banks have written down more than $300 billion since the credit crisis began last year, with several posting the first losses in their company's history.
After the Great Fire of Rome in 64 AD, Nero took a large swath of the destroyed city for himself to build the Domus Aurea (the Golden House). Spanning nearly 100 acres across the Palatine, Esquiline, and Oppian Hills, the complex was famous for its revolving dining rooms, ceilings that showered guests with flower petals, and walls covered in gold leaf. To decorate the entrance he commissioned a massive 115 foot tall bronze figure of himself, modeled after the Colossus of Rhodes.