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The Collapse of Lehman Brothers | Lawrence and Larry | 1
Business Movers
Leman and the Shadow Banks
Mortgage department at leman was conspicuously absent from a meeting. The main subject of mike's presentation was the shadow banks. Their brokers were earning massive commissions for selling exotic ons to low income borrowers who could probably never pay them back. With too many defaults, mike explained, the entire real estate market would crumble. Mike predicted that it wouldn't happen for a couple of years, but it was inevitable and when the bottom fell out, he said, it would happen fast.
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