Jesse's Café Américain:
"Hank Paulson had an interesting quote about bailing out hedge funds today:
'We also need additional powers to manage the resolution, or wind-down, of large non-depository financial institutions, such as larger hedge funds, so as to limit the impact of a failure on the broader financial system.'
Huge oil trading loss sinks energy trader SemGroup
By Robert Campbell
Tuesday July 22, 3:58 pm ET
Guardian UK
NEW YORK (Reuters) - SemGroup LP declared bankruptcy on Tuesday after $3.2 billion in oil-trading losses torpedoed what had been the 12th-largest private U.S. company...."
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