Hundreds of works from the art collection of failed US banking giant Lehman Brothers will go under the hammer at Freeman’s auction house in Philadelphia.

IT SEEMS that each and every day it becomes more difficult to retain a hope that we may be able to engineer our way out of our difficulties without great upheaval or, dread of dreads, enduring far, far more difficult and miserable times.

Embattled US investment bank Lehman Brothers outlined plans today to rescue its battered finances after reporting a third quarter loss of $3.9bn (€2.7bn).