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- W2339582020 abstract "In this note we argue that the conventional banker wisdom is incorrect. First, proprietary trading, properly defined and contextualized, had a great deal to do with the crisis. We produce several types of evidence to suggest that proprietary investments and trading were large and had a significant impact on the crisis. For example, we cite evidence that by mid-April of 2008 large banks had lost roughly $230 billion dollars on their super-senior CDO proprietary holdings, which regulators and other interested parties believed were simply inventories of assets held to facilitate client trading. If one makes the crude assumption that this represents a loss of approximately one-third of their value, then banks were holding three quarters of a trillion dollars of these highly risky assets. Clearly, proprietary trading, properly defined, was a major cause of the recent crisis. Second, we present rough estimates that sug- gest that this type of trading and investment was much more important for the bottom line of major banks than has been reported by banks and bank analysts and, subsequently, repeated in the press." @default.
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- W2339582020 date "2010-01-01" @default.
- W2339582020 modified "2023-09-24" @default.
- W2339582020 title "PROPRIETARY TRADING IS A BIGGER DEAL THAN MANY BANKERS AND PUNDITS CLAIM" @default.
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