Lehman Brothers Financial SA (LEHNQ)

[GreatFinancialCosplay08]

wow... in 2008 the 9 mill $ F&F pref excluded the underlying bonds, notes, etc.

and between Sep 1 and Sep 12 08 that decrease of the firms own FnF PFD's was 90% - which was avg loss by the day this sheet and it's MTM accounted prices came out Sep 12, 2008 for those. So $9,240,500 in GSE PFD's that Lehman held just itself was $92,405,000 of AAA rated GSE issued Q3 2008 PFD's. Then add in the fact the firm also had the entire investors/clientele of its investment arms investments in GSE PFD's - bonds - debt to use for REPOs of $50B or more cleared for daily operational cash up until the week that Congress pulled the GSE's into conservatorship tanking the mark to market book prices of these collateral offerings LBHI's subsidiaries safely and responsibly operated on for years.

We're talking close to one hundred billion maybe? If not 3/4 of a hundred billion left to liquidate - sell - appear and get out of this never ending CH 11. It's always been tethered to the Conservatorship. Sucks it has never got due respect for the truth considering the folks who worked there even Fuld did it all by the book and put faith in the US Gov't then got stabbed by the folks in charge for using the Gov'ts top quality assets/debt as collateral.

If you haven't the same Stanford prof archived the least known of Fuld's testimonies to DC's swamp about what truly happened alluding to real reasons in a Sep 1, 2010 statement before
where he specifically mentions the Conservatorship and Mark-to-Market FAS 157 new accounting book rules ruined the recently bought Fannie and Freddie PFD shareholdings of the company by Sep 7 08.

That's really the only reason conservatorship happened. To begin it was to wipe out and deny any liquidity to operate for America's most capitalist anti-socialist global investment banking success and force it to be unwound - but like Fannie and Freddie have a shareholder's happy ending coming - Lehman Brother's has some value and holders tethered to that domino piece that's being stood back up after falling long ago.

Just watch it happen. Justice.



P 3-4 are the part about GSE's and book value.

https://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0901-Fuld.pdf