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...That said, as the financial crisis of 2007-09 approached Immelt spent $500mn on a subprime mortgage broker that blew up spectacularly and incurred $1.5bn in fines....
...The deal was the conclusion of a prolonged takeover battle between KKR and a management buy-out backed by Shearson Lehman Hutton, and marked the first time Kravis and Roberts’ firm did a deal without the...
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...Louis Bacon, a 34-year-old former Bankers Trust and Shearson Lehman Hutton trader, had earlier that year founded a small hedge fund, helped by a $25,000 inheritance from his mother....
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...Much of the backlash was focused on the Troubled Asset Relief Program (Tarp), which sought to shore banks up from the losses they incurred from subprime mortgage lending....
...Portfolios of toxic residential mortgages paralysed credit markets, while some $40bn of risky commercial real estate exposure helped to bring down Lehman Brothers....
...“The building block of the crash last time was subprime [mortgages]. There is no parallel in terms of magnitude that’s comparable today....
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...Before that he worked at Japan Development Bank and at Shearson Lehman Hutton in New York, as well as UBS and Lehman Brothers in Japan....
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...Among other things, it has explored the role of the gig economy, the impact of out-of-pocket healthcare spending on a family’s financial wellbeing and how mortgage payment adjustments affect defaults or...
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