Mark Bole <makbo@[EMAIL PROTECTED]
> wrote:
>I have read only a few other musings of respected financial pundits,
>some claim the Bear Stearns "save" was critical to avoid major meltdown
>of the markets (something about not knowing what one's own exposure was,
>as well as not knowing what one's clients' exposures were).
Here is such a viewpoint from one of my favorite investment writers.
http://www.investorsinsight.com/otb_va_print.aspx?EditionID=667
His argument is that, like Long Term Capital, letting Bear Sterns go down
would
have frozen the credit markets, caused a stock market crash, and triggered
a
mild depression.
He further suggests that the Fed may end up making a profit, but that they
do
have $30 billion at risk in the meantime.
-- Doug
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