From the category archives:

LEH

Lehman’s Balance Sheet Games: REPO 105 and its $3 Billion Mini-Me

March 15, 2010

“Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we.” Number 42, August 5, 2004 What a mess. Before the most recent giant sucking sounds you all heard, the two largest bankruptcies in the U.S. were Enron […]

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Terminated! The Price of Prudence

September 16, 2008

The alchemy of modern finance is coming back to haunt what were thought to be pretty mundane deals. As every follower of Mortgage REITs knows by now, borrowing short and lending long can be a risky proposition. Those REITs that have any shot at surviving the market carnage were those that matched the average life […]

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The Markit Group Says "Bienvenido!"

August 4, 2008

“When Citi is cheaper than Colombia, which is on the verge of a war, it wakes you up,” Andrew Phillips, managing director and co-head of U.S. fixed income at BlackRock (BLK), in the March 2008 edition of Pensions & Investments, referring to the historically wide spreads on Citi’s (C) corporate debt. Or to put it […]

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