/biz/ - Business & Finance

beware the ides of march
https://en.wikipedia.org/wiki/Bear_Stearns
On March 14, 2008, the Federal Reserve Bank of New York ("FRBNY") agreed to provide a $25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.

fun fact Epstein caused the 2008 crisis by crashing bear stearns
They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund were worth much less than their professed values. The suit claimed that Bear Stearns managers devised "a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when "in reality, the portfolio's asset values were plummeting."[21]

Other investors in the fund included Jeffrey E. Epstein's Financial Trust Company.

https://twitter.com/RobinWigg/status/1269913354178564097
A wild plot twist I was not aware of until today: JE's redemption from Bear Stearns High-Grade Structure Credit Strategies Enhanced Leverage fund (real heads know this one) due to his impending arrest might have, uh, actually been the proximal cause of the GFC?

(picrel: epstein redeemed 57 million from the Bear Stearns collateralized debt obligation fund which was leveraged 17:1, and this might have caused Bear Stearns to collapse which triggered the rest of the house of cards falling, see picrel)

W..what the fuck? People on twitter saying Jeffery Epstein's investment in crazy levvied CDO's might have contributed to 2008????