EXHIBIT 24
 
    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Thomas A. Russo, Michael R. Milversted and Karen
M. Muller and each of them, his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign the Annual Report on Form
10-K of Lehman Brothers Holdings Inc., for the fiscal year ended November 30,
1995 and any and all amendments thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
 
Dated: As of February 28, 1996
 
          /s/ RICHARD S. FULD, JR.              /s/ KATSUMI FUNAKI
 ............................................ ...................................
              Richard S. Fuld,                    Jr.Katsumi Funaki


         /s/ T. CHRISTOPHER PETTIT              /s/ HENRY KAUFMAN
 ............................................ ...................................
               T. Christopher Pettit              Henry Kaufman
 
              /s/ ROBERT MATZA                 /s/ JOHN D. MACOMBER
 ............................................ ...................................
                   Robert Matza                   John D. Macomber
 
             /s/ DAVID GOLDFARB                /s/ DINA MERRILL
 ............................................ ...................................
              David Goldfarb                      Dina Merrill
 
             /s/ JOHN F. AKERS                /s/ MASATAKA SHIMASAKI
 ............................................ ...................................
              John F. Akers                     Masataka Shimasaki
 
            /s/ ROGER S. BERLIND              /s/ MALCOLM WILSON
 ............................................ ...................................
             Roger S. Berlind                     Malcolm Wilson