I read Grant Williams religiously (and I don’t do much religiously).
- In 1995, $1.3 billion was enough to bring down Barings Bank.
- In 1998, Long Term Capital Management required a $3.6 billion bailout from 14 financial institutions after losing $4.6 billion in less than four months.
- In March of 2008, Bear Stearns received a 28-day, $25 billion loan from the Federal Reserve in order to avert its collapse
- Six months later, on September 15th… Secretary Hank Paulson (or, as they were known back in those days, “Los Pollos Hermanos”), crafted a $787 billion bailout package. Continue reading