Bankrupt Lehman Brothers Holdings Inc. blew itself up last year with its investment in toxic debt. Now, the New York Post reveals that the analogy to bombs wasn't simply hyperbole as what's remaining of Lehman apparently has enough nuclear ingredients in its portfolio to set off a nuclear weapon.
The former storied Wall Street bank owns as much as a half million pounds of uranium yellow cake, which is enough to make one nuclear bomb, the Post says. The failed firm bought the uranium last fall, but the price for the substance has fallen, leaving the bank unwilling to sell the toxic material at a deep discount. The only buyers likely willing to buy the substance is nuclear hungry North Korean dictator Kim Jung-Il, notes the Post. Despite displaying poor management over the last years of its existence, it's unlikely that Lehman would sell to North Korea or any other rogue nation.
The Post reports that Lehman tried to sell its uranium in one batch late last year when the metal was trading close to $50 per pound. - Gerald Magpily
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