Dear Mr. Fudd . . . I mean Fuld,

Thank you for your recent letter for my company to invest some funds into Lehman Brothers.

Unfortunately, I do not see a good return on my money if I invest into your company. You have recently hung out to dry the most recent investors who placed $4 billion dollars into your company. What reassurances will I have that my infusion and ownership will not be given away to a foreign investor?

All you have is money and people, and in the investment business people are the key to being successful. Your recent layoffs and news of additional layoffs does not bode well for your company. The people who are not being laid off, who are worth anything, will be looking to leave and sell their stock.

Lehmans books are bleeding. The stock is a falling knife. You are peddling your crown jewel, cash cow, money management division at the wrong time to get market value.

Thank you again for your invitation, but I will respectfully decline at this time. I can wait, because I might get the deal of the year like JP Morgan did with Bear Sterns. Time in on my side and not on yours.

I hope you get your golden parachute ready, because things might get a bit hairy for Lehman and its stock holders.

Sincerely,

"signed"

WB