• Analysts are steeling themselves for a loss of as much as $1.8 billion when Lehman closes out the third quarter in a few weeks. [WSJ]
  • Leon Black's Apollo is raising up to $2 billion to buy non-performing loans in Europe. [Telegraph] 
  • The situation at WaMu is so dire, analysts say, that the bank may be forced to sell assets or merge with a competitor. [NYP]
  • Ben Bernanke is "still trying" to decide which financial institutions to save and which ones are "safe to let fail." [Bloomberg]
  • Citigroup has announced a reorganization of its Asia Pacific unit. [Dealbook]
  • Thanks to better-than-expected ratings, NBC may clear as much as $100 million in profit from the Olympic games. [NYT]
  • Advertisers are now scrambling to line up endorsement deals with Michael Phelps. [WSJ]
  • Bidding for the publishing assets of Reed Elsevier is entering a second round; a handful of private equity firms are the contenders. [Reuters]