The reluctance of the Federal Reserve Board and the Treasury Department to back a Lehman Brothers deal financially seemed to be making it harder, but not impossible, for an acquirer to come to its rescue, observers said last week.

With speculation continuing about a Bank of America Corp. bid, observers said Friday that there are other ways a financial institution could purchase Lehman Brothers, such as a making multiple-party deal or buying Lehman and separating it into parts.

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