Lehman Preferred Series "J" Preferred (fka LEHJQ)

[rlinterests]

"The entire episode with Wells Fargo bidding for Wachovia, in competition from Citigroup, is steeped in comedy with vampire stars. The grapevine in Washington and Wall Street passes word that the Citigroup versus Wachovia wrestling match was actually a sponsored backdoor bailout attempt to save Citigroup, not just Wachovia. Again, the FDIC was the matchmaker. My term has been ‘Dead Marrying the Dead' which still holds true, since Citigroup has been dead for one year. Under the original Citigroup proposal, the FDIC had arranged for guarantees of $42 billion for Wachovia debt by the US Fed. The new Wells Fargo deal enabled the US taxpayers to get off the hook."

Did'nt the Fed pull $45 billion from Lehman in the week (weeks)prior to their bankruptcy?

So the Fed was than willing to fork over $42 billion in guarantees to Citicorp, which in the end wasn't nesessary, while at the same time pulling $45 billion out from Lehmans?

Sure makes me wonder whats in the Examiners Report.