Over there, the news that one of their favourite clients, the Wingecarribee Shire Council "Old Guard" had been thrown out of office sent brokers from Lehman Brothers into a spin.
former Councillor Murray's electoral defeat?
But the directors of Lehman Brothers have sought the protection of Chapter 11 of the US Bankruptcy laws.
We in the Wingecarribee Shire know that thanks to some ill-advised investments, we the people stand to lose money.
We already knew that we were going to lose those Collateralized Debt Obligations (CDOs). Now we will probably lose the entire tranch of funds invested with Lehman Brothers - some $57 million.
It makes the loss of $2.55 million on the first "deal" with Lehman Brothers whereby they bought back our $3 million investment in one group of their CDOs for $450, 000 seem trivial in comparison.
Who is responsible? In truth it must surely be all the Councillors of the former Council, and the General Manager.
Lets hope the new bunch do a better job. They could hardly do worse.