The bank, hit by a huge unauthorised trading scandal at the beginning of the year, said the provisions and write-downs had arisen mainly in its financing and investment divisions." I recall the massive news coverage on the sacrificial lamb that had been chosen by the Bank. This was early 2008. I was very suspicious about this story as it would provide a preemptive cover for derivative and cds losses they had to see coming. I wonder if the list below had anything to do with it ?
|Q2 2008 (€ m)||2007 (€ m)|
|* European banks - outstanding trading positions with Lehman Source: JPMorgan estimates, Company data|
It was during the Third Quarter that they would have got out their Cheque Books after the Lehman's auction.