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Roger Lowenstein, Author: "When Genius Failed"
Alpha Exchange
The Federal Reserve's Decision to Save LCCM
The Federal Reserve called together all these firms city more insanely, all the Swiss banks, all the big banks to save LCCM. It was one step along the moral hazard chain which was seen so many times since then of the government protecting people who had taken too much risk. I didn't think it was really a systemic event in the sense that Lehman was 10 years later when Tensor and the Americans had these spicy mortgages.
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