First Brands: a Us Professor Sees Parallels to the Financial Crisis

Neue Zürcher Zeitung

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A bankrupt car supplier, billions of lazy loans and memories of 2008: The bankruptcy of First Brands causes unrest on Wall Street. The focus is on financial vehicles that bundle loans, just like at the time.

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Following the collapse of the US company First Brands, investors fear further defaults in the loan market. Major banks are tightening their controls. UBS Chairman Kelleher warns of risks in the insurance sector arising from rating arbitrage.