Posted AT 5:58 AM EDT on 26/05/08
Hedge funds: the credit crunch's enigma
ROME — Breathe in. Breathe out. You can relax now. The worst of the credit crunch, and the liquidity crisis it spawned, is over, we are told. It's getting slightly easier to borrow money.
True, the banks are still taking writedowns, but the pace is slowing.
Banks and insurers are replenishing their capital at a furious pace, as AIG did this week, when it raised a cool $20-billion (U.S.) rather than the $12.
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