Too networked to fail?

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On March 16, 2008, when the world first heard that financial support from the US Federal Reserve had effectively facilitated JP Morgan’s acquisition of an ailing Bear Stearns, there was widespread shock that a financial institution had been rescued in a government-sponsored package. It gave way to extensive discussions about the moral hazard associated with banks that become too big to fail and rely on state support when they get into trouble through excessive risk-taking.

But when the Fed’s

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