Typically, buzzards don’t eat something until it is dead.  What the press is doing to Lehman may seem like good old-fashioned journalism but just consider Lehman’s position.  If it doesn’t take the call, it looks like it is running and hiding something.  If it takes the call and says “No Comment”, it looks like it is hiding something.  If it takes the call and says, “Our liquidity position has been and continues to be very strong”, it sounds just like Bear Stearns did about 48 hours before failing.   I am not suggesting that Lehman is or is not in trouble.  All I am saying is that there is nothing they or anyone else can say to defend themselves.