Needless to say, I was pretty amazed to find this link over the weekend. Incredible to me that it's still posted. Read the copy closely, hilarious in a very sad way. LEH, I think we've all experienced you first hand for ourselves last week, and are quite ready to move along. We can only hope "the journey" is near its end... (NYT - Insurance Next Big Test)
As a postscript, LEH default swap delivery, while priced last Friday, is actually due October 21st. If anyone is aware of any back-of-the-napkin calculations of how the poorer than expected auction results translate to additional fundraising needs, I'd be happy to post it.
Note: I highly recommend reading the comments to the post below entitled "Into the Rabbit Hole." The topic is what may constitute a relatively safe portfolio in times like these. Just thoughts, not individual recommendations.
Schedule for Week of May 26th
2 hours ago