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Pam and Russ Martens: 2008 Fed email about 'intra-day bankruptcy' illuminates today's repo scare
By Pam and Russ Martens
Wall Street on Parade
Tuesday, November 26, 2019
There is one phrase on Wall Street that instills fright like no other -- "intra-day bankruptcy" -- especially if it's describing a bankruptcy filing by a highly interconnected Wall Street firm.
On July 20, 2008, a Federal Reserve economist, Patrick Parkinson, used that phrase in an email to describe fears that Lehman Brothers might have to make an intra-day bankruptcy filing and to speculate on what was going on in the minds of the folks at JPMorgan Chase, Lehman's clearing bank, regarding how it might get "stuck" with Lehman’s overnight loans.
... Dispatch continues below ...
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The email describes perfectly what is highly likely going on in the minds of top executives at JPMorgan Chase today and why the Fed has been pumping hundreds of billions of dollars each week into unnamed trading houses on Wall Street since September 17. ...
... For the remainder of the commentary:
https://wallstreetonparade.com/2019/11/intra-day-bankruptcy-a-2008-email...
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