NEW YORK - The field of possible buyers for Lehman Brothers narrowed Saturday, but the parties involved in the discussions over the wounded investment bank's future were at loggerheads over how to finance the rescue.
An investment banking official said Bank of America Corp. and Britain's Barclays Plc have emerged as the front runners for Lehman Brothers after a possible cash injection from its rival Wall Street banks and brokerages.
Top officials from the Federal Reserve and the Treasury Department and executives from several Wall Street banks met at the New York Fed's downtown Manhattan headquarters Saturday for the second day in a row try to hash out a deal to rescue Lehman Brothers.
The financial world was watching. Failure could prompt skittish investors to unload shares of financial companies, a contagion that might affect stock markets at home and abroad when they reopen Monday.
Discussions are expected to continue Sunday, said Andrew Williams, a spokesman for the New York Fed.
Read on.
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As Lehman crumbles, Merrill in sights
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