It’s not definite, but it’s a definite possibility. According to Adam Levitin at Credit Slips, whether or not Lehman bankers find themselves obliged to relinquish the bonuses they got last year will mostly depend upon whether Lehman was solvent on a balance sheet basis when they got them. If it wasn’t, 2007′s bonuses could be considered a fraudulent transfer.

Lehman filing for bankruptcy, but not for its broker dealer and asset management arms. (Lehman)

Why then, are all Lehman staff in London being made immediately redundant? (Evening Standard)

Last supper at Lehman: “People are spending all the credit on their canteen cards.” (Wall St Journal)

Facebook group for dazed and confused Lehman alumni. (FT Alphaville)

Lehman stock fell 90% in pre-market trading. (MarketWatch)

And meanwhile, over at B of Merrill…

20,000 financial advisors, $2.5 trillion in client assets. (B of A’s presentation)

Will Merrill now take Bank of America down? (Clusterstock)

The most extraordinary 24 hours since the late 1920s. (BBC)

Banks club together to help their own. (Associated Press)

UBS expected to write down another $5bn. (Evening Standard)

Lessons from Bear Stearns: don’t just risk your company, risk the entire financial world.
(The Big Picture)

Fed holding equities: first step to US default? (Clusterstock)

‘We must protect Goldman Sachs. It is the greatest investment bank on earth. It employs the most shamans and mystics.’ (Moneyistheway)