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McCarthy and Sants also faced another looming problem, one that, in the grand scheme of things, may have seemed minor but was nonetheless important at that very moment: The London Clearing House (LCH, Clear-net), which clears many of the derivative counterparty trades across Europe, was scheduled to migrate its entire energy futures business Black dialed Fuld on the speakerphone and when the connection was made immediately explained their plight: Many British cotton textile workers died of lung diseases from the dust generated in the production process. I believed that illiquid asset purchases would be the biggest part of whatever we did, and told Ben this.
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