Henry Blodget, the infamous internet telecom-touter, notes
that several days before the collapse Goldman sent an email to its clients noting that they would no longer backup Bear derivatives deals, as hedge funds were coming to Goldman to take a Bear derivative, scared about Bear's risk. Send out an email to a couple hundred clients, and everyone knows about it. Hedge funds saw this as a credible Goldman opining that the risk of Bear was too much. Then, everyone wanted their money out right away, and no bank can withstand that.
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