Not that I think the Feds should take over Lehman, but if they arrainge a “Bear STearns like” sale, that would not be too bad. Shareholders/employees of Bear got hit pretty hard, not much of a bailout. On Jan 1, Bear stock was at $85, June 2nd, sold for $10. The Federal Reserve did take on more risk to hold risky assets, but Bear is now owned by JP Morgan, not the US govt.
As a LEH stockholder, I am taking a beating on a once great company and stock. It was over $80 last year, now ... $4. Ug.. I owned it from mid-1990s when they built up a great franchise.
The fall has been swift. Whoever gets their assets will get a great deal.