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Non-Tech : LEH LEHMAN BROTHERS -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (270)	9/28/1998 7:19:00 PM
From: john griffin	Read Replies (1) \| Respond to of 315

It appears that people are concerned about derivatives, off balance sheet liabilities. Rumor that LEH has derivative exposure that is under reported and over leveraged. I hope the smart people running LEH are better than the experts at LTCM !! Whether the rumor is true or not, as long as enough people perceive a problem, then the price will be down. People seem to be nervous of banks especially after LTCM, which may be the end of the problem or just the tip of the iceberg. I did not like the derivative situation and got out of banks at the end of last year. Good luck--John

To: blankmind who wrote (270)	10/1/1998 3:31:00 PM
From: liz blake	Respond to of 315

I was thinking of investing in LEH stock. I was wondering if you knew if there is any validity to the rumors out there? I know from a reliable inside source that, contrary to the recent news, LEH is not having problems with banks in terms of credit lines. Additionally, there are no big exposures on losses that haven't already been recognized. The stock is undervalued! It is trading at below book value. In trying to separate the "wheat from the chaff" here, I am wondering if all the other negative rumors are just as false. Any idea where they could be coming from? Another question, do you think that a major institutional investor has taken a large short position in LEH? and if so, do you know who that investor is? Thanks in advance for your reply, Liz Blake