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Lehman’s stock was indicated at $28.19 in premarket action, down 29% from Friday’s close, according to Archipelago. Merrill Lynch shares were off by 16%; Goldman Sachs was down 8.3%, Citigroup lost 7.6%, and UBS was down 10%. In a note today, Oppenheimer analyst Meredith Whitney says banks could stand to lose 50% of their value, saying what will result “is a major negative revaluation of financials.”

“If the Fed thinks that allowing BSC to be purchased at $2 per share will calm global financial markets, then they are not learning as fast as we had hoped,” writes Christopher Whalen of Institutional Risk Analytics.

Lehman’s stock was indicated at $28.19 in premarket action, down 29% from Friday’s close, according to Archipelago. Merrill Lynch shares were off by 16%; Goldman Sachs was down 8.3%, Citigroup lost 7.6%, and UBS was down 10%. In a note today, Oppenheimer analyst Meredith Whitney says banks could stand to lose 50% of their value, saying what will result “is a major negative revaluation of financials.”