Lehman Brothers Financial SA (LEHNQ)

[jwood9207]

My understanding of a "Lehman moment" is the fact that Lehman declared bankruptcy and entered into liquidation. Lehman was not a large player in the sense that it represented a large fraction of GDP, but it was a large player in the sense of the shock it delivered to the system.

Evergrande is a large player, and is much larger than Lehman compared to China's GDP. But unless China decides to let them go, it's not a Lehman moment.

I don't think China will let that happen.

That said, I wouldn't buy their bonds, even at a 90% discount. But I wouldn't buy anything based in China. No respect for private property.