Monday, March 17, 2008

This is the stuff Depressions are made of

Make no mistake: this Bear Stearns failure is the very definition of a systemic crisis. Bear Stearns is a major financier for hedge funds; it runs one of Wall Street’s largest back offices for processing trades; it has transactions on its books with everybody big in the derivatives business. (Numerian)

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11-5-2024

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