Lehman Announces $2.8 Billion Loss

Lehman Brothers said that it lost $2.8 billion in the second quarter and plans to raise $6 billion by selling stock, $4 billion in common stock (increasing its outstanding by 25%) and $2 billion in convertible preferred shares.  The loss is Lehman's first since it went public in 1994 and is about four times worse that Wall St. had estimated.  CFO Erin Callan said that the new capital would be used to expand business.  WSJ, Lehman Plans Higher Capital Raising, Expects to Post $2.8 Billion Net Loss.