Is Lehman the Next Bear Stearns?

The guessing (and waiting) game continues as a number of large financial firms are facing serious trouble.

Among them, Lehman Brothers, UBS, and Citigroup seem to be in the worst shape. With the continuing credit crunch, broadening global recession, crumbling housing market, and billion dollar settlements for auction rate securities fraud ahead (Citi was already been pinched), the picture only grows darker.

It seems, at this point, not to be a question of if, but when. And, of course, how aggressively the Fed will step in for another bailout.

CNBC’s got the latest on Lehman.

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