Bifurcation or meltdown?

As fund after fund succumbs to emergency measures to halt redemptions, shore up funding or sell off structured credit assets, the terms used to describe them are too often blurred and confused. Since Bear Stearns spectacularly announced an initial $3.2 billion rescue of Bear Stearns Asset Management's (BSAM) High-Grade Structured Credit Fund on June 22, funds with exposure to structured credit and subprime mortgage securities have seemed to topple like dominos. But crucially, the frozen

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