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Fed's rescue halted a "Chernobyl" in Financial Derivatives

telegraph.co.uk — When the Federal Reserve stepped in to save Bear Stearns most people had no idea what was at stake. We may never know for sure whether the Federal Reserve's rescue of Bear Stearns averted a seizure of the $516 trillion derivatives system, the ultimate Chernobyl for global finance. The Subprime crisis is only getting started.

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