Lehman Preferred Series "J" Preferred (fka LEHJQ)

[slimugrian]

Argus, read also AIG chapter. Page # 348 is especially good one.

They (FEDs) were discussing lending money to AIG on SUNDAY 14-th SEPTEMBER 2008. Somesort of 13-3 lending tool. Same day they refused to lend Lehman using the same 13-3 lending tool.

I remebemer Bernanke saying that on Sunday they did not had legal authority to lend Lehman. After exploring different options on Monday 15-th they suddenly found a tool to save AIG. To quote the wisemen - this is the worst lie after "I did not have sex with that women".

Bernanke says in the article below that Lehman did not have enough collateral and thats why they could not lend to Lehman.

http://articles.sfgate.com/2010-09-03/business/23986848_1_bernanke-lehman-failure-financial-crisis-and-recession

In December we learned that Barcays got piles of money from FED to buy Lehman brokerage unit and the collateral of that deal was Lehman assets. That was just couple days later.

Implausible.