October 23rd

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stepping_up_IHB

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Any thoughts on this prediction that October 23rd will mark the bottom of the panic due to everyone knowing how much of a hit they have to take from the Lehman BK?







<a href="http://articles.moneycentral.msn.com/News/jubak-financial-crisis-end-of-the-world.aspx">End of the World... NOT</a>
 
The payments ``are insignificant when put into the context of the trillions of dollars of payments that are made through settlement systems each and every day,'' Pickel said on a conference call with reporters today.



Fears `Overblown'





<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=ainXunmcK3kw&refer=home">Lehman credit default settlement</a>



The video would not load on my work computer. Does it mention that October 23rd is the settlement date for WaMu credit default swaps?
 
[quote author="awgee" date=1223695067]The payments ``are insignificant when put into the context of the trillions of dollars of payments that are made through settlement systems each and every day,'' Pickel said on a conference call with reporters today.



Fears `Overblown'





<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=ainXunmcK3kw&refer=home">Lehman credit default settlement</a>



The video would not load on my work computer. Does it mention that October 23rd is the settlement date for WaMu credit default swaps?</blockquote>


He said that Lehman Bros had about $400B in derivatives, but that the million dollar question is what they are really worth. Between today and Oct 23rd, their BK workouts are being sorted so the holders of the derivatives will know more clearly how much they are on the line for. He's saying that a lot of banks and others are selling good assets to make sure they have enough cash to cover this. He's insinuating that some institutions will find that it's not quite so bad and that they will have the cash on hand to cover their losses and will then pump money back into the market. At least that was how I understood it.
 
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