Bankruptcy Implications For Swap Counterparties

Law360, New York (September 22, 2008, 12:00 AM EDT) -- Since the credit crisis began last year, financial institutions have been scouring the globe to raise tens of billions of dollars in new capital to shore up their balance sheets and ease the concerns of customers, investors, regulators and counterparties.

In the aftermath of the government bailout of Fannie Mae and Freddie Mac, further turmoil on Wall Street caused the $600 billion bankruptcy of Lehman Brothers, while venerable financial institutions such as Merrill Lynch and AIG appear to have been saved from bankruptcy only by agreeing...
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