Filed Pursuant to Rule 424(b)(2)
                                                    Registration No. 333-60474

Pricing Supplement No. 74 dated March 10, 2005
(to Prospectus Supplement dated December 23, 2002
and Prospectus dated June 14, 2001)

LEHMAN BROTHERS HOLDINGS INC.
Lehman Notes, Series A
Due Nine Months or More from the Date of Issue

Trade Date:             March 10, 2005
Issue Date:             March 15, 2005



CUSIP       Aggregate         Price to    Gross       Named       Dealers'
Number      Principal         Public      Agents'     Agents'     Selling
            Amount                      Concession  Concession  Concession

52519FDT5   $6,903,000.00     100.00%     2.70%       2.50%       2.00%


CUSIP       Net Proceeds      Interest Rate
Number      to Issuer         per Annum

52519FDT5   $6,716,619.00     5.45%



CUSIP       Interest Payment        First Interest       Maturity
Number      Dates                   Payment Date         Date

52519FDT5   Monthly on the 15th,    April 15, 2005       March 15, 2025
            and on the Maturity
            Date


CUSIP       Survivor's     Right of Issuer to Redeem Notes or of
Number      Option         Holder to Require Repayment of Notes
            (Yes/No)

52519FDT5   Yes            The Note may be redeemed prior to the Maturity Date
                           at the option of Lehman Brothers Holdings, in whole
                           or in part, at a price equal to 100% of the
                           principal amount being redeemed, monthly on the
                           15th, commencing March 15, 2009. Notice of
                           redemption will be given not more than 60 nor less
                           than 30 days prior to the redemption date.

                           The holder of the Note may not elect repayment of
                           the Note by Lehman Brothers Holdings prior to the
                           Maturity Date except pursuant to the Survivors'
                           Option, if applicable.



Other Terms:            None


Capitalized terms used herein without definition have the meanings ascribed to
them in the Prospectus Supplement and Prospectus.