Although Lehman Bros. Holdings' identity is bound to Chairman and CEO Richard Fuld Jr., the bank's new No. 2, Herbert "Bart" McDade III, has taken on much of the responsibility of turning the struggling company around. McDade has participated in negotiations about a sale of billions of dollars in assets, a possible investment by Korea Development Bank as well as a reshuffling of Lehman's management. But McDade appears to understand that much more needs to be done.

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