NEW YORK (AP) — Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.

The filing was made in the U.S. Bankruptcy Court in the Southern District of New York by Lehman Brothers Holdings Inc., the bank’s holding company. The case had not yet been assigned to a judge.

Lehman’s last hope of surviving outside of court protection faded Sunday after British bank Barclays PLC withdrew its bid to buy the investment bank.

Lehman learned at a last-minute meeting on Friday with federal officials that it would not be getting any emergency funding to give it the liquidity it needed, Chief Financial Officer Ian Lowitt said in an affidavit.

Lehman fell under the weight of $60 billion in soured real estate holdings and tighter a credit market that forced it to seek court protection. (more…)

Fast forward the video to 2 minutes 16 seconds, and take a look at a sick collaboration tee by Sneaktip and Frank151 .

(Video Deebo-ed via Kilos&Grams)

Snoop has been taking on Hollywood for a while, credited in such movies as Training day, Half Baked, Soul Plane, Bones and more. Now he’s set to take on Bollywood, by rapping in the theme song to “Singh is Kinng,” the Bollywood film that opens Friday. Quite a jump for Snoop’s career.

Check out this article for more info

Things are getting better for the people of Iraq all the time. Just ask the workers at the Iraqi Pepsi factory where business is booming.

Click here for more images…

According to this recent article on the BBC website, Marijuana production in Canada’s British Columbia province seems to be at an all time high.

- Authorities estimate, there are approximately 20,000 residential houses around the province with small growing operations.

- One grower with 120 plants, harvests some 8lbs (3.6kg) in about two to three months, which is worth about $20,000.

(Video Deebo-ed via Kilos and Grams)

According to this documentary, having friends is less popular than ever.

Frank151 and Lafayette have come together to design this limited edition tee for Lafayette’s 5th Anniversary.

This special occasion was kicked off with a party in Yokohama, Japan, and ended in the creation of collabo tees with several different companies. Check out the website for more info.

There is an initiative in the works that could end up on the November ballot that allows for marijuana to be sold to anyone, and anywhere that already sells alcohol. Its being called The Inalienable Rights Enforcement Initiative.This initiative will amend the Constitution of California to defend and safeguard the inalienable rights of the People against infringement by governments and corporations, providing for the lawful growth, sale, and possession of marijuana. Marijuana will be taxed through a system of stamps and licenses–a $5 stamp will be required for the sale of an eighth ounce of marijuana and a $50 annual license will be required for the growth of one marijuana plant. To protect participants and encourage participation in the system, such licenses and stamps will be available anonymously in stores where marijuana is sold.

So instead of getting some quack doctor to give you a prescription for $100 because of your supposed “anxiety” or alleged “insomnia”, you will just pay an extra tax each time you buy yourself another 8th.

Aside from allowing all willing adults to be able to buy weed easily, this initiative will start to generate revenue for California, and stimulate our struggling economy. More weed stores means more jobs for Californians, more taxes to be collected, and more people enjoying better weed. And finally marijuana will be put into the same file as Alcohol and Cigarettes where it belongs, instead of it being equated with crack-cocaine and heroine.

For the full story, check out laist.com.

However, there has to be a catch–even if the state were to pass this initiative, the federal government would barge in and crack down on it indefinitely. But for now, let’s savor the possibilites…