Shamans of the Day

To commemorate Monday’s $2.5 billion sale of Neuberger Berman, the core of Lehman Bros’ (LEH) asset management business, to private equity firms Bain Capital and Hellman & Friedman, step forward another clutch of Wall Street’s Finest (© Jeff Matthews): 

Neuberger Berman, based on comparisons with other asset management firms, is valued at $6.5 billion by Standard & Poor's equity research and $13 billion by Ladenburg Thalmann & Co. The business is worth $8 billion according to Fox-Pitt Kelton Cochran Caronia Waller. Hintz, a former chief financial officer at Lehman who rates Lehman shares “market perform,” estimates the unit’s value at $7 billion.

Valuations that, to be fair, were no more delusional than most in Dick Fooled’s Fantasyland.

Nice trade, Brad!

Lehman May Get $7 Billion for Neuberger, Hintz Says

by Yalman Onaran

Bloomberg Aug. 12 2008