
Nicholas Dunbar, Author: “Inventing Money”
Alpha Exchange
The Importance of Collateral Management in the Early Years of Wall Street
Bear Stearns was a giant counterparty of the street in every way shape or form. They never had to post upfront collateral they posted mark to market but not upfront collateral. And this turns out to be a pretty profitable trade among many during that period where the portfolio was effectively being constructed.
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