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JOHN LAM
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Articles Posted: 0; Links Seeded: 33
Member Since: 3/2007Last Seen: 9/29/2009
Member Since: 3/2007Last Seen: 9/29/2009
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The Reckoning: Securities and Exchange Commission Let Banks Amass Debt
News Type: Event — Seeded on Sat Oct 4, 2008 3:44 AM EDT
Article Source: The New York Timesadvertisement
In a short and sparsely attended meeting April 2004, the Commission loosened the "net capital rule" and let the five largest investment banks reduce reserves. As the banks committed billions to highly profitable repackaged mortgages, debt rose sharply, to 33 to 1 at Bear Stearns, until housing prices collapsed after Hurricane Katrina.
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