“Worse Than Lehman” – European Bank Bloodbath Sparks Dollar Funding Crisis

– “Worse Than Lehman” – European Bank Bloodbath Sparks Dollar Funding Crisis:

For European banks, today is worse than Lehman with a 13%-plus collapse in the broad index. The major banks – like Credit Suisse and Deutsche Bank – have crashed over 15% to record lows as “Lehman moments” loom. This crisis prompted massive demand for USDollars, sending basis swaps (and other funding vehicles) spiking which it appears is why The Fed said it was ready to provide liquidity.

The broad EU banking system is collapsing…

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