2015-10-15 —

``Glencore's collapse [is] shaping up to be even worse than Michael originally thought. Glencore still poses a "Lehman Brothers"-level risk to the global economy -- but it's now clear the world's biggest commodities trader is on the hook for hundreds of billions in "shadow debt" that it simply refuses to address... There is an even bigger elephant in the room that the company didn't address: the enormous amounts of undrawn bank lines and letters of credit that banks have made available to the company over the last few years.''

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