Desperate Lehman Turns To South Korean Military Fund

Huh?

If this gets by the regulators, it would make absolutely clear just how desperate Lehman (LEH) is…

South Korea fund could join KDB in Lehman deal: “South Korea's military savings fund would consider joining Korea Development Bank in a bid for Lehman Brothers (LEH.N: Quote, Profile, Research) if KDB made such an offer, as now appears a good time for U.S. investments, the fund's chairman said on Wednesday.

State-owned KDB confirmed on Tuesday it was in talks with the struggling U.S. bank over a possible joint investment with other Korean banks. But South Korean banks rumored to be joining the KDB bid consortium denied on Wednesday they were involved.
[snip]

[snip]
The military fund, with $7 billion in assets, is a major South Korean financial investor in M&A deals, behind the National Pension Service and the Korea Teachers Pension Corp.

The fund, controlled by the defense ministry, has invested 300 billion won ($261 million) in Britain's Thames Water which provides drinking water and wastewater services. The 7 percent stake yields returns of more than 11 percent annually.
[snip]

[snip]
The Military Mutual Aid wants to secure more cash and liquidity amid the global credit crunch and slowing economies, while it has been diversifying into energy, resource and infrastructure projects in Laos, Kazakhstan and Russia.”

I’d imagine that these guys would bring a certain level of discipline to Lehman...

(Hat tip MacroMan)