Friday, February 18, 2011

JPMorgan Says It Was Tricked Into Keeping Lehman's `Goat Poo' Collateral

"Lehman Brothers Holdings Inc. tricked JPMorgan Chase & Co. into holding onto collateral that the bankrupt investment firm internally described as “goat poo.”

JPMorgan was stuck with Lehman’s worst securities backing $25 billion of loans as Lehman was sold to Barclays Plc in September 2008, JPMorgan said in a court filing yesterday. Lehman described the collateral as “toxic crap” and “goat poo” to be scattered “in other people’s backyards,” JPMorgan said."

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