Stock Market

The next stock everybody is eying out as a disaster waiting to happen is Lehman Brothers (LEH message board).

From yahoo:

* Like Bear Stearns, Lehman is relatively small and undiversified.

* Like Bear Stearns, Lehman just reiterated that its “liquidity position is strong.”

* Like Bear Stearns, at least one of Lehman’s trading partners is cutting it off: The WSJ reports that Southeast Asia’s biggest bank, DBS Holdings, has asked traders not to enter new transactions with Lehman Brothers. “DBS has sent an internal e-mail saying it would not deal with Lehman Brothers from now on.” [Update: DBS has since re-authorized some Lehman trades]

* Like Bear Stearns, Lehman gambles about $30 for every $1 it has.

* Like Bear Stearns, Lehman chose not to raise additional capital last fall.

* Like Bear Stearns, no one has any idea what’s really on Lehman’s balance sheet (including, probably, Lehman)

* Unlike Bear Stearns, says an analyst at ING, Lehman is NOT too big to fail, which means that the Fed might not be in such a panic to bail it out.