Tie D

Sigh of Relief on Lehman, Goldman Earnings

E-Trade had write downs of about $500 million on a $3 billion CDO portfolio. That is about 16 percent.

Lehman has about $70 billion in exposure, and is only taking $1.8 billion in writedowns so far. That totals about 2.5 percent.

Do they expect us to believe that their Alt-A securities are comprised of "more responsible" stated-income applicants than those in any other Alt-A class?