Something, or someone, had to give at Lehman, says Lex. On Monday, Erin Callan, CFO, announced dreadful quarterly losses and a $6bn capital raising. Lehman hoped to quell talk comparing it to Bear Stearns. It did not work. On Thursday morning, its shares were trading 15% below the $28 investors had paid in the latest equity issue. The shake-up indicates the level of pressure on chief executive Dick Fuld to restore credibility. But coming after so many defiant messages against Lehman’s naysayers, it sends a mixed message. On the one hand, heads have rolled, so something is being done. On the other, sudden moves like this raise the question: is there worse news that we do not know?