Lehman Brothers imploding, the exposure to Lehman Brothers and untrustworthiness of the ratings agencies was a black swan event. This caused everyone retractin

Lehman Brothers imploding, the exposure to Lehman Brothers and untrustworthiness of the ratings agencies was a black swan event. This caused everyone retracting their credit lines as they couldnt trust the whole system any longer, revealing how highly leveraged and dependent on credit lines that everyone was, raising margin requirements - causing liquidations - and completely closing some margin markets. If that was in anybody’s model I would like to see that model.