It's yielding 4.8% and has a fortresslike tangible equity ratio (capital minus intangible assets) of 13.9%.

FORBES: Money & Investing

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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"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.

FORBES: Lehman Doesn't Need The Money

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%.

FORBES: Citi Is A Mess