Futures off their lows, dollar stops overnight slide ; Lehman Brothers (LEH) shares plunging; Fed funds futures predict a full percentage-point cut

Futures: S&P: -27 Dow: -200 Nas: -37
Fair val: S&P: -2.3 Dow: -21 Nas: -0.2

Asian markets finish lower, European indices off 2-3%.

The $236 million take-under for BSC underscores jut how spooked the credit markets are. The Fed’s unusual move to cut the discount rate during the weekend is an attempt to provide enough liquidity to prevent more broker failures.
But as BSC shows, any lack of confidence is enough to cause a panicked run on a bank, and LEH shares are down 30% premarket. Shares of LEH are acting as BSC shares did before their collapse.
There are reports that Goldman Sachs(GS) will record a $3 billion write-down this week.
Shares of GS are bid 10% lower.