audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
FT.com / Home UK / UK - Banks prepare for CDS pay-outsBanks are hoarding cash in expectation of pay-outs on up to $400bn of defaulted credit derivatives linked to Lehman Brothers and other institutions, according to analysts and -dealers.
So is that why there has been so much cash hoarding by banks and refusal to lend to creditworthy customers for normal business operations?
The big Lehman CDS auction is tomorrow. That might explain this week of vicious stock selloffs and the super negative market futures right now.
The Big Picture | $400 Billion Lehman CDS Unwind?
Comments? I'm out of my depth on this stuff.
Audrey
P.S. 9/15/08 is the day Lehman went bankrupt. Less that two weeks after that was when Bernanke and Paulson went to Congress and said "Oh $h!t" when two or so weeks before they had said "we're fine".