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The Washington Independent
The Washington Independent

Alpha Males and Wall Street

To keep the markets from melting down today in the wake of the Lehman Bros. bankruptcy filing and the sale of Merrill Lynch, ten of the world’s largest banks

Liam Evans
News
Last updated: Jul 31, 2020 | Sep 15, 2008

To keep the markets from melting down today in the wake of the Lehman Bros. bankruptcy filing and the sale of Merrill Lynch, ten of the world’s largest banks have created a $70 billion pool of money, the Financial Times says.

Banks can borrow from the fund, using the kind of collateral the Fed doesn’t usually accept. The move is aimed at providing some liquidity and preventing a total credit squeeze as Wall Street absorbs the financial shocks of the weekend’s events.

At Portfolio, Felix Salmon translates this and explains what the move really means:

When Wall Street’s alpha males stop competing and start cooperating like this, you know you’re living in historic times.

Liam Evans | Liam Evans is a freelance writer and social media manager who specializes in assisting finance professionals and Fintech entrepreneurs in growing their online audience and attracting more paying customers. Liam worked as a bank teller and virtual assistant for financial firms in the United States and the United Kingdom for six years before beginning her writing career.

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