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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>So How Exactly Does Buffett Get Information Like This? | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="XY96Gt3GmI"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/so-how-exactly-does-buffett-get-information-like-this.html"&gt;So How Exactly Does Buffett Get Information Like This?&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/so-how-exactly-does-buffett-get-information-like-this.html/embed#?secret=XY96Gt3GmI" width="600" height="338" title="&#x201C;So How Exactly Does Buffett Get Information Like This?&#x201D; &#x2014; naked capitalism" data-secret="XY96Gt3GmI" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Reader Hubert soliders on in the lonely task of continued Lehman spadework. He highlighted this section of FCIC testimony from Warren Buffett:   I think that if Lehman had been less leveraged there would have been less problems in the way of problems. And part of that leverage arose from the use of derivatives. And part of the dislocation that took place afterwards arose from that. And there&#x2019;s some interesting material if you look at, I don&#x2019;t exactly what Lehman material I was looking at, but they had a netting arrangement with the Bank of America as I remember and, you know, the day before they went broke and these are very, very, very rough &#xFB01;gures from memory, but as I remember the day before they went broke Bank of America was in a minus position of $600 million or something like that they had deposited which I think J.P. Morgan in relation to Lehman and I think that the day they went broke it reversed to a billion and a half in the other direction and those are big numbers. Hubert muses:</description></oembed>

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