"Stuyvesant was not necessarily a reflection of the bad real estate market, but rather over-ambitious assumptions, lack of risk controls and poor contingency planning, " explains Burt White, managing director of research and chief investment officer of LPL Financial, further asserting that the bottom dropped out of the market months ago.

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Valukas noted that Lehman management willfully took on more and more risk in 2006 and 2007, especially in the real estate market, with the aim of lining its own pockets.

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