The reversal of fortune for Mark Walsh, head of Lehman Brothers Holdings' vast commercial real estate operations, was a major factor in the firm's collapse. Walsh was once a rising young star, but his exposure to the commercial real estate market's implosion left Lehman holding $32.6 billion in loans and assets. "It was just one of these things that when the unexpected happened, he was on the firing line," said David Levinson, chief executive of L&L Holding Co.

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