Yesterday I spoke with a client, a well-respected Lloyd's underwriter, who started talking about just how complicated the unravelling of subprime is becoming. He noted that it's a spiral effect at Lloyd's just like the old days where one syndicate brings in the risk and then another reinsures the syndicate and then another reinsures them and then the original reinsures it thereby taking the risk back and nobody really knows. We're going to cover this story soon.
Meanwhile, we carried a terrific article by the Herald Tribune which summarizes the breadth and depth of subprime lawsuits.
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