Tuesday, September 16, 2008

Lehman Bankruptcy Filing

The first part of this post was revised on 17th September

Here it is. The majority of the money is in bonds that apparently Citibank and Bank of New York Mellon administer. So we don't know who holds them. None of the other debts look like they are going to bankrupt anyone. Some Japanese banks are owed a few hundred million each. National Australia Bank and ANZ are each owed about $25 million. Wells Fargo is already writing off Lehman related losses .

I'm about $1,000 into the margin buffer now with CommSec and it will get worse yet. I also sold some bond funds and bought stock funds in my retirement accounts, however nuts that seems...

S&P futures are down 20 points post close on the downgrading of AIG. Yves is bullish though. And he's been pretty good recently:

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