Obligatory #Lehman reminisce:10yrs ago I spent 2am-8pm daily desperately trying to fund the bank's FX balance sheet. Ironically, the measures the firm put in place in 1998 to reduce liquidity pressure turned out to be an albatross. Back then, we had access to USDs, but 1/ Counterparty credit concerns meant that swapping those USDs for FX was extremely tricky, leading to position liquidation. Saloman, in the end, backed to back most of these presumably under regulatory nudge and wink.... Anyhow, following 98 #Lehman sought to hold large foreign 2/