Monday, June 22, 2009
Hedge funds bet on Lehman debt
Top hedge funds have been buying up Lehman Brothers’ debt in hopes that the failed investment bank’s estate can win court battles to recover billions of dollars in collateral held by competitors with whom it did business. The bulk of the potential claims stems from JPMorgan Chase’s role as a clearing bank for Lehman in the repurchase – or repo – markets. Lehman borrowed heavily in the repo markets – a practice that left it susceptible to a loss of confidence.
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Lunch is for wimps
It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.
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