Summary
High-minded concern over moral hazard has been brushed aside by the enormity of events - but with the reputations of key players in tatters, the global financial system may need long-run restoration once the short-term bonfire is contained. Deteriorating economic growth will create yet more job losses and knock-on effects in banking and property - collapsing travel companies may be just the tip of the iceberg, especially in sectors already suffering in the pincer of higher costs and lower prices.
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Extract
Down They Fall
fOR THOSE BANKS STILL STANDING, THE nightmare mopping-up continues. Last year's outbreak of financial mayhem saw bankers and policymakers embroiled in an unseemly scramble back to their desks from mid-year holidays - but at least they had desks to go to. This year's round of bad banking news held off until September, although the fate of the main protagonists was proba...
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