Pandit’s portrait reworked ahead of Citi’s Q2 announcement. (Clusterstock)

Why Lehman can’t go private, even if it wants to. (Dealbreaker)

Morgan Stanley and Dresdner set to lose out on HBOS rights issue. (Bloomberg)

Blogging the Bradford & Bling shareholder soirée: “The process of raising capital has not been a very comfortable or easy one.” (Guardian)

June was the best month for shorting for seven whole years. (Alea)

But Wall St bank stocks have rallied since yesterday. (FT Alphaville)

Redundancies in the world of financial journalism. (Evening Standard)

Time to set up a campsite. (Telegraph)

Stone, stone, stone the stockmarket. (Guardian)

UBS and the secret cloak of US tax evasion. (Financial Times)

FBI sticks its probe into Indymac. (FT)

Rich people live quite a lot longer. (Economic Policy Institute)

Russian oligarch goes for the stealth-bomber-radar-deflecting-warship look in luxury yachts. (Wall Street Journal)