Steel took a deep breath and then asked his question: “Is there a price at which you’d be interested in Lehman? And if so, what would you need from us?” Diamond was momentarily speechless; Treasury, he realized, was clearly trying to formulate strategic solutions in the event that Lehman found itself in a Bear Stearns–like situation. From long acquaintance he knew Steel to be a no-nonsense pragmatist, not someone who idly floated trial balloons.
