Bracing for the Big One | WHAT REALLY HAPPENED


Bracing for the Big One

Suddenly, the term "too big to fail" is off the table. With Lehman Brothers likely to go into bankruptcy, Wall Street is preparing for a very rocky trading day. We'll get a hint of what's in store in a few hours when Asian markets open for business. Already, there's been an emergency trading session at the International Swaps and Derivatives Association to "reduce risk associated with a potential Lehman Brothers Holdings Inc. bankruptcy." The ISDA was allowing customers to make trades and unwind positions linked to Lehman. The problem is that the financial world is inexorably intertwined - so much so that trying to decouple may prove perilous.

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