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When credit imploded

First published: Global, the international briefing, second quarter 2012

On Friday 12 September 2008, about a year after the financial crisis started to erupt and the final working day before America’s largest investment bank, Lehman Brothers, filed for bankruptcy, the UBS Investment Bank’s normally noisy trading floor – the world’s largest – was deathly quiet. You could sense the seizure that had gripped financial markets. Global lending and borrowing had ground to a halt as a once-in-a-generation financial crisis cast long shadows…..more