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

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

clusterstock-us