[lit-ideas] Lehman's Auction - lit-ideas - FreeLists

[lit-ideas] Lehman's Auction

From: "Simon Ward" <sedward@xxxxxxxxxxxxxx>
To: <lit-ideas@xxxxxxxxxxxxx>
Date: Fri, 10 Oct 2008 10:45:29 +0100

Today they get to auction off Lehman's CDS portfolio. It's estimated at around 
400 billion. There's a fair chance that it will turn out to be close to 
worthless and if that happens, a whole host of positions will be wiped out 
creating big holes in big balance sheets. 

I'm guessing we'll know when it happens.

Simon

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