Did he mention that in the article? I doubt it although I'm not sure. I never made it to the end. I read the first two pages and then got sidetracked gawking at the debauched photos on the sidebar.
The Village Voice is really an unreadable piece of trash.
Without losses...not really. The government stepped in but here were losses.
On October 10th, Lehman’s debt was sold for approximately 8.625 cents on the dollar. Since the settlements sold at 8.625 cents on the dollar during the auction, this means that the firms who sold the credit default swap contracts on this debt will be forced to pay up the remaining 91.375 cents on the dollar. This loss 91.375 cents lost on the dollar isn’t completely accurate as firms were paid fees on average of about 8 cents on the dollar to take this side of the bet. Estimates on losses from debt insured by credit default swaps have been rumored to be somewhere between $350-400 billion. This is an incredible amount if you compare these losses to the US government’s $700 billion bailout plan. Settlements for the credit default swaps on Lehman Brother’s contracts are on October 21st. With over $350 billion of losses that will be recorded from just one financial institution failure, this is sure to spread throughout the industry and cause further defaults.