The 2008 Lehman 'Minibonds' episode is cited as the standard cautionary case chiefly because it showed that:
The Minibonds were credit-linked notes marketed with reassuring names; when Lehman collapsed, retail holders suffered heavy losses, exposing under-appreciated issuer credit risk and driving tighter suitability and disclosure rules.
Attributing the losses to the underlying rather than issuer/counterparty failure.
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