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Real Time Crisis @TBTFLive
, 5 tweets, 1 min read Read on Twitter
JP Morgan have summoned Lehman Executives for a conference call. JPM wants $5billion “by opening of business [in New York] tomorrow”. If not, they’ll “exercise our right to decline to extend credit to you”.
JPM controls Lehman’s tri-party repo funding. This is a threat to pull the plug on Lehman.
Lehman executives protest that JPM is asking the impossible. Lehman Treasurer Tonucci: “they said, that’s not our problem, we just want the cash”
JP Morgan’s repo collateral team training video:
(Then) Lehman Trader @convertbond picks up the story:
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