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To: Sr K who wrote (85222)	9/15/2008 12:47:49 AM
From: Killswitch	Read Replies (3) \| Respond to of 116555

So did Lehman file the BK yet? I thought it would be done by midnight Eastern?

To: Sr K who wrote (85222)	9/15/2008 7:22:09 AM
From: JohnG	Respond to of 116555

Fidelity was loaded with CITI repurchase agreements the last time I looked. Supposedly the underlying assets are regularly revalued and (assuming a falling value for the underlying CDO's) additional CDO's are added to the repurchase agreement. Still, in the end, Fidelity relies on the full faith and credit of CITI that there will actually be an additional supply fo CDO's available from CITI to buck up the sagging underlying value of the securities that secure the repurchase agreements. Should the process fail by: 1. Failure to regularly revalue to market <<GGGG> those underlying CDO's OR 2. CITI runing out of more CDO's to back the REPO's Then, Fidelity has only a partially secured note fron CITI. This is part of what Fidelity does with the cash in your stock account.