Lehman bankruptcy leads to market tizzy, while Pickens sues and firm sells R3 stake

Fri Oct 10, 2008




Banks, hedge funds and others foolish enough to have insured the debt of now-bankrupt Lehman Brothers by selling credit default swaps must now pay the piper. Today is the deadline for these insurers to make whole the counterparties to those transactions, and early results from an auction of the swaps indicates the cost will be at least 90.25 cents on the dollar for each bond insured.

The auction is expected to be one...

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