STILL LOOKING FOR THE BEANS SO THEY CAN COUNT THEM.

STILL LOOKING FOR THE BEANS SO THEY CAN COUNT THEM. I posted here on my surprise that six weeks after the Lehman Brothers bankruptcy, the administrators of the European operations were still trying to find out what Lehman owned. One month later, an article in the November 28 Financial Times reports that the administrators still don’t know. Some of the 97 custodian banks that Lehman dealt with passed on their assets to subcustodians, and “[m]any of those banks also have extremely complex relationships with Lehman and are still working through their own net position before disclosing their holdings.” Many of the counterparty banks can’t provide assistance because they are not able to reconcile their positions either.