Two big real estate investments that failed to deliver a return contributed to the stunning $2.8 billion quarterly loss reported by Lehman Brothers Holdings Inc. on Monday. Lehman joined with Tishman Speyer Properties last year in a $22 billion deal to take Archstone-Smith private. Lehman is also still holding $1.6 billion worth of assets on its books from a venture with SunCal Cos. to develop and sell thousands of house lots to builders across Southern California.

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