One bad year

2008 Review


Few traders will be sorry to see the back of 2008. At the turn of the year, the effects of the financial crisis were still more or less restricted to a small part of the US mortgage market, along with structured credit investors. As the year draws to a close, the crisis has snowballed to gargantuan proportions, decimating all asset classes and leaving two major broker-dealers - Bear Stearns and Lehman Brothers - dead in its wake. Confidence in bank counterparties has vanished, liquidity has e