Wednesday, September 17, 2008

That's risk diversification!

Lehman's U.K. Landlord Says AIG Insures Rent Payments

(Sept. 16) -- Lehman Brothers Holdings Inc.'s London landlord, Songbird Estates Plc, said rent payments for its largest tenant in the Canary Wharf financial district are insured by American International Group Inc.

Songbird ... shares have lost 15 percent of their value since the Wall Street firm filed for Chapter 11 bankruptcy protection yesterday ... Lehman accounted for 15 percent of Songbird's revenue... [Bloomberg]
Ah, Canary Wharf, memories of financial good times. They seem to never end.