I’ve spent the last few weeks wondering about the fallout from the
Lehman Brothers collapse and the onward losses in the stock markets.
With $2.5 trillion of losses estimated by the Bank of England amongst
the banking community, and over $3 trillion pumped into the system so
far, you do wonder about the long-term.
However, what everyone seems to forget is that for every loser, there’s a winner.
For every bank whose Tier 1 Capital is being raped and pillaged,
there’s a hedge fund manager somewhere making a mint. For every Credit
Default that’s Swapped, the Swapper is laughing whilst the Swappee is
Therefore, this disaster of Q4 2008 is going to result in some
interesting anomalies in 2009 and 2010, particularly from a technology