Monday, September 15, 2008

Lehman Brothers.

There must be lots of people who simply can't believe they are bust.
Lets all keep our fingers crosssed that our old friend Warren rides to the rescue of AIG. He has enough cash himself to bail them out but will be looking to get 100% for less than 50 cents on the dollar of what he regards as their real worth. If they aren't saved, then we really are entering the ice age.
But its an ill wind.
I was speaking to a small flight operator who has made probably a couple of hundred thousand extra out of the demise of XL, and has put himself back in the CAA's good books. Mind you, the only reason so many people are in bother is entirely down to the changes the government ( this one) forced on the CAA. It means only about 50% of travellers are actually covered nowadays.
Some someone is going to make cash out of Lehman - apart from the lawyers and liquidators of course.

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