Thursday August 16 – Crescendo of panic

Peter Lee
Published on:

We've got hedge funds who are saying, 'Look, we have been in business for ten years and we've paid $500 million in fees and commissions to Wall Street and you can't give us a couple of days?' We are getting a lot of blunt decisions made by people far away from these markets and some of them are bad decisions. If someone comes down from the 40th floor and tells us not to accept a certain class of collateral or counterparty, we're not going to disagree"