“Think of the hundreds of billions of dollars in oil riches gushing into the Middle East. Add the further hundreds of billions in sovereign wealth funds in emerging nations. Multiply all that by the plentiful liquidity and leverage available on financial markets and you had an almost limitless pool for investment banks like Lehman to swim and prosper in.” — Dick Fuld, Lehman Brothers CEO, before the Lehman Brothers crash
Emerging nations, sovereign wealth funds, and oil riches, and emerging nations? It does sound like HSBC, doesn’t it?
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