Lehman loses $3 billion for the quarter - will raise capital

Lehman Brothers, the Wall Street firm that everyone has had their eye on since the implosion of Bear Stearns will report a $2.8 billion loss for the quarter and announce plans to raise $6 billion in capital through the sale of stock.  Lehman bet heavily on the mortgage business with purchases of both subprime lender BNC Mortgage and alt-a lender Aurora (both of which they closed) as well as a big-time MBS book. The firm did cut $130 billion worth of risky assets in an attempt to shake the "Bear Stearns" stigma. From Bloomberg: Lehman Brothers Holdings Inc. reported a $2.8 billion second-quarter loss, the company's first since going public in 1994, and plans to raise $6 billion to help it survive the collapse of the mortgage market. The fourth-largest U.S. securities firm fell as much