Greenspan: too-big-to-fail didn’t exist until crunch

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Alan Greenspan, a former chairman of the Federal Reserve, has said that he believed the American authorities would allow institutions to fail regardless of their size up until early September 2008.

Greenspan told an audience at the Council on Foreign Relations on Thursday that he was unconvinced that the government would step in and save big financial institutions until Fannie Mae and Freddie Mac, the two government-sponsored enterprises that insure about half of the US's mortgage stock, were de

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