No, it was a forced BK due to a "perceived" illiquity that any professional in the industry agrees in 2016 would have been fair play in 2008. The Obama and Clinton Camps bailed all the other banks and anyone else on Clinton's list out, with John Corzine leading the exchange. Lehman would have been left alone and given a warning if not for the political battle ensueing between the conservatives and the Obama/Clinton camps. Remember, this whole Lehman and Wamu thing was just like the Titanic and the Oylmpic or Tower 1 and Tower 2 with their relationship to Tower-7, you know that old game of burning down one thing to distract folks from seeing the real game going on somewhere hidden and clandestine.
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