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Banks dealt with the problem assets themselves by taking them onto their balance sheets or selling them. And McDade excitedly tapped out a message on his BlackBerry to Michael Gelband, who was at Simpson Thacher Six years later, Bernanke was granted a tenured position in the economics department at Princeton.
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Why would a prime brokerage account or any other account want to stay when they could do business with any other bank or investment bank in the world? Conventional economic models abound, and the analysts applying those models are among the best and brightest in their field.
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