Alpha Males and Wall Street
To keep the markets from melting down today in the wake of the Lehman Bros. bankruptcy filing and the sale of Merrill Lynch, ten of the world’s largest banks
Jul 31, 2020414.8K Shares6M Views
To keep the markets from melting down today in the wake of the Lehman Bros. bankruptcy filing and the sale of Merrill Lynch, ten of the world’s largest banks have created a $70 billion pool of money, the Financial Times says.
Banks can borrow from the fund, using the kind of collateral the Fed doesn’t usually accept. The move is aimed at providing some liquidity and preventing a total credit squeeze as Wall Street absorbs the financial shocks of the weekend’s events.
“„When Wall Street’s alpha males stop competing and start cooperating like this, you know you’re living in historic times.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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