Reverse Auction

Here's a rough paraphrasing of how the remains of Lehman Brothers was auctioned off to Goldman Sachs by the CME Group:

CME Group: I have Lehman’s equity-derivatives positions, valued at around $5 million, what are my bids?

Goldman Sachs: I'm the only one bidding - and I bid negative $445 million.

CME Group: "Negative..." Can you clarify that bid a little?

Goldman Sachs: You give me $445 million, and I'll take the equity positions off your hands.

CME Group: Deal.

Seriously. That's what went down. As a bonus, only six firms were invited to participate in the "auction."

(H/t CJR)