ASX and the banks will not be immune if one of the larger Banks in the US go down, the repurcussions could be felt very hard here.
"WorldCom's bankruptcy filing listed J.P. Morgan Trust Co. National Association as the largest unsecured creditor, with bond debt of $17.2 billion. It said Mellon Bank N.A. holds $6.6 billion of WorldCom debt, while Citibank N.A. owns $3.29 billion."
