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Legal battle between Wachovia and a hedge fund shows the interconnected world of a Wall Street fiasco

Title: Legal battle between Wachovia and a hedge fund shows the interconnected world of a Wall Street fiasco
Date: Friday, 20 February 2009
Publisher: Charlotte Business Journal
Author: Sarah Okeson
Main source: charlotte.bizjournals.com

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It was a tiny deal in Wall Street terms. In May 2007, Wachovia Bank agreed to make what was essentially a $10 million bet with a small offshore hedge fund. No big deal; certainly no big impact on Wachovia at the time. But now, credit markets have nearly frozen. Taxpayers are shelling out $700 billion — with much more expected — to shore up a tottering financial system. Many banks, including Wachovia, have all but failed and disappeared. Venerable Wall Street ... [Read the rest at charlotte.bizjournals.com]