Lehman CDS Auction: Crap Assets Valued At 9 Cents On Dollar

CNBC just reported that the auction of Lehman’s garbage CDS assets have produced bids of 9 cents on the dollar, much less than expected. They may go up before the close (expected 2PM)

Implication: If the Lehman bids don’t change, there will have to be some MASSIVE writedowns across the industry.

See Also: LIVE AT THE CRASH: Our Expert Panel

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