Calpers, the biggest US pension fund, has not been slow in attacking "Goldman Sachs and other big banks" over their plan to carve up the assets of collapsed bank Lehman Brothers, released yesterday. The pension fund says the plan would hurt bondholders such as itself "unfairly".

Lehman's creditors have already squared off into competing groups. Yesterday, one of these groups, made up of 20 banks and hedge funds including Goldman Sachs, Credit Suisse, Morgan Stanley, RBS, Deutsche Bank and DE Shaw, put forward their plan to dole out the Lehman estate's assets.