Jersey Helps Lehman

Lehman Brothers(LEH) is raising six billion dollars U.S. in new capital.Investors include the New Jersey Division of Investment,the state's pension fund.Common and preferred stock offerings will also be made.The capital is for general corporate purposes,Lehman said.The investment bank said it will report a Q2 loss of 2.8 billion dollars in a few weeks.It is Lehman's first loss since being spun off from American Express(AXP) in 1994.Lehman is in the process of deleveraging.Risk positions hvae been redeuced by 30%,commercial mortgages by 20%,and resaidential mortgages by 20% as well.In consequence,Lehman's profit and price to earnings ratio will be lower than they historically have been.