Here is an article about the result of the Lehman Brothers CDS auction and the news is not good.
http://www.reuters.com/article/marke...38084520081010
If you do the math, that means entities that lost on their Lehman bets are on the hook for about $365.5 billion. Ouch!
Next week will be Wamu on the CDS auction block. I don't see the total bets being as high as Lehman, but we are still looking at multi billion dollar payouts for Wamu as well.