Lehman Stock: The Silver Lining

When Lehman Brothers stock closed Friday at $32.29 a share, that put the bank on a price-to-book ratio of 0.82, based on Lehman’s Q1 announcement that it had a book value of $39.45 per share. When Lehman Brothers stock opened Monday at $29.47 a share, that put the bank on a price-to-book ratio of 0.87, based on the bank’s announcement this morning that its book value has fallen to $34. So things are clearly getting better, right?