Is it not well known that the Lehman International (London) book turned the all history record yield when finally unwound by the liquidators, and made LB fundamentally solvent at the death?
Edit: solvent at crisis time. LBI wasn't linked to onshore information systems.
The problem wasn't solvency. It was liquidity. The point of bank regulation is to ensure that banks can survive small bouts of illiquidity and remain solvent through major ones.
Edit: solvent at crisis time. LBI wasn't linked to onshore information systems.