For what it's worth...

Here is an interview with Erin Callan, recent CFO of Lehman Brothers' until it was allowed to go under.

How could the Street have been so blind?

People have long asked when the crisis would end; and until recently it hasn't been okay for market participants to say 'I don't know.' The challenge in financial services when you have to answer that question is that you are in a confidence-based business. There is a fine line between expressing confidence in a business and highlighting its weaknesses.

The question about why within a day a bank's borrowing cost could double; that's the heart of the matter. It's not that somebody decides overnight that a bank is twice as risky. They wonder if their entire view was misplaced. They wonder whether these types of organizations without deposit bases should borrow at these kinds of rates. That worry stems from a lack of confidence in the institution.