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Confidence in the company eroded after it pre-announced a nearly $3 billion loss for the second quarter and unveiled a plan to raise $6 billion of fresh capital. Callan spent Monday trying to convince analysts that Lehman's books were in order and that the fresh dose of capital would allow traders to pursue new opportunities. But her pep talk failed and shares began to plummet toward a record low.
The uncertainty was compounded by the near-collapse of Bear Stearns under the weight of similar rumors last March. The Federal Reserve later stepped in to negotiate the investment bank's sale to JPMorgan Chase & Co.