No one has figured that one out. So I'll spill the beans. Lehman Sold too many CDS. They over subscribed and were not able to cover for the enevitable. Meaning not enogh cash to cover the bets. They were the Market Makers, Just as AIG was. Now you KNOW!!! HAHAHAHAAH
The Down side To Being Tooo GREEDY and Tooo Smart.(So called.)
ALL IN OR NOTHING.
CAUTION: DON'T TAKE MY POSITIONS AS ADVICE. I LIKE RISK. IT CAN BE YOUR BEST FRIEND. THE PROBLEM MAY LAY WHEN YOU CAN NO LONGER GAUGE YOUR BEST FRIEND. AND ABANDON YOU.