Lehman Brothers Called Its Own Assets "Goat Poo"

goat tbiSqueezing out a Lehman asset

JPMorgan is using a hilarious email in its counter-lawsuit against Lehman Brothers, which sued the JPMorgan in May.We’re trying to find a copy of the lawsuit now and will post the emails when we get them.

From Reuters:

Lehman employees wrote in emails that contrary to Lehman’s and Barclays’ portrayal of their deal to bankruptcy court as including all related assets, Barclays did not have to purchase certain “toxic waste” securities, JPMorgan contends.

Those securities included certain Lehman commercial paper known as “RACERS” — restructured asset certificates with enhanced returns.

Lehman employees also called these assets “goat poo” in emails, JPMorgan said in the lawsuit.

Lehman’s lawsuit, which JPMorgan’s is a response to, apparently accused JPMorgan of siphoning off collateral ahead of Lehman’s bankruptcy filing, according to Reuters.

Now click here to read 11 Wall Street emails to remind you why you should never use email again >

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