Lehman faces legal threat over CDO deals from Australian municipal councils

News Type: Event — Seeded on Mon Dec 17, 2007 5:12 AM EST

Article Source: FT.com

business, australia, banking, banks, investments, cdo, lehman-brothers, grange

I had heard rumours that some local councils had invested a small portion of their portfolios (less than 10%) in CDOs, but it seems the actual numbers are far greater. And it is dawning that the way these were marketed may not have been fully proper. The CDO crisis is beginning to hit a number of smaller investors that you would never have guessed...

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Groups: Worldviews, Australian Viners

I SPY

Any Idea which councils are involved ?

#1 - Tue Dec 18, 2007 1:08 AM EST

Bozzor

A lot of them, about 30 in total have some degree of exposure in NSW, Manly and Pittwater seem to have been hit hard. But detail audits may change the numbers. Some of these CDOs were wrapped up in different investment vehicles and the real picture may not emerge until early next year...

#1.1 - Tue Dec 18, 2007 1:34 AM EST

BOZZOR

Backyard

Lehman faces legal threat over CDO deals from Australian municipal councils

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