saw a report early - Ken has been waiting to swallow ML for a long time. I agree with the commentary by deal Journal that Lehman is died of bid-ask spread rather than outside liquidity dry-out. Seller and buyers hold different views on Lehman, yes there is a price for Lehman ,but if it's a 10centf-for-dollar game, lehman would rather choose to bankrupt, slice itself up - this is the immutable self-interest mechanism.