主题：【读书笔记】滞胀的年代（上） -- wqnsihs

First, CDS market warns the financial market long time ago. CDS players are Lehman's lending commercial bank. Info was leaked out long time ago.

Second, Lehman's auditor is too loose. There is accounting problem.

third, Lehman mini-bond sold to Asian investors are unnecessarily complicated with remote trusts to separate legal trouble from the parent firms. that mini-bonds were marketed by asshole Asian bankers (e.g., HSBC private banking, DBS private banking...) aggressively to innocent and stupid retail investors.

Most investors did not even read the prospectus when they committed millions of dollar into Lehman mini-bonds.

Fourth, Lehman, even without including its off-balance sheet liabilities, had very high leverage ratios (at least higher than several investment bank peers. And unlike JPMorgan Chase, it has no stable retail deposit base to support its liquidity needs in times of turmoil.

Fifth, Lehman was killed by its heavy exposure to commercial real estate MBS. There was an active commercial real estate MBS market and you could see distress earlier.