The company also said returns on tangible common equity during the quarter were disappointing.

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Wells Fargo, for instance, has more money in second liens than it has tangible common equity, or the most solid form of capital.

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Lehman's exposure to mortgage- and asset-backed securities and collateralized debt obligations is 400% of its tangible common equity, according to research by Sanford Bernstein.

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Those goals are expected to be similar to ones outlined in a new executive compensation plan that grades performance based on return on assets and tangible common equity, the people said.

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"With its high leverage ratio to tangible common equity, we believe Lehman needs to raise substantial capital regardless of market conditions in order to take its needed write-downs, " Einhorn said in an email Tuesday.

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The company acknowledged it had fallen behind in its goals for two critical measures of capital strength, tier-one capital, which was at 7.3% at the end of September, and tangible common equity to risk-weighted assets, which was 5.9%.

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