July 2, 2008

How Lehman Brothers Veered Off Course (Washington Post)

If you want to see what’s wrong with Lehman Brothers, the investment bank with a storied name but a troubled present, you need to leave the canyons of Wall Street and head to the flatlands of exurban Bakersfield, Calif., some 120 miles northeast of Los Angeles. That’s where you find McAllister Ranch, envisioned as a 6,000-home, multibillion-dollar recreational community.

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