It isn’t a Lehman Moment . . .

• If people are calling it one.

• Unless somewhere in Germany there is a Landesbank up to its neck in trouble.

• If the endangered firm has a friend in its hour of need.

• if the CEO isn’t issuing denials and reassurances, or blaming speculators.

• if it doesn’t contaminate an entire industry.

He concludes that “So far, Lehman is still in a class of its own” — and I agree.

Go read the entire column here.