2.1. No Company Is Safe
Who would have thought that once-venerable companies like Bear Stearns, Lehman Brothers, and Merrill Lynch could be bankrupt or sold at fire-sale prices virtually overnight? That after years of robust economic growth, the stock market could experience its worst week ever—worse than even any single week during the Great Depression? And that excesses in one sector (mortgage lending) could lead to wide-ranging damage across the global economy?
In today's globalized world, every company is interconnected, and seemingly unrelated events cause a destructive ripple effect throughout the larger system. As the astonishing events of the 2008 credit crunch continue to unfold, we can learn lessons from previous downturns.
When the ...
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