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MS has sold 3B of CDs. So this is the new business model. Instead of borrowing from the commercial paper market, these newly minted “banks” are gonna use proceeds from CDs and make leveraged bets. Actually a quite interesting model. The CD are stable funding sources that can bring them more staying power. But I [...]

WASHINGTON (Reuters) - The financial fallout outside the United States from Lehman Brothers Holdings’ bankruptcy has been about $300 billion, the head of Germany’s financial regulator said on Monday.
“We’re still licking the wounds of Lehman,” said Jochen Sanio, president of the German Federal Financial Supervisory Authority, at an international banking conference. “It caused international damage [...]