Zurich It’s Wednesday of last week, Morgan Stanley’s investment conference in London, when the fund manager feels like he’s in the wrong movie. The head of the major bank BNP is just speaking when reports of an unusual stock market crash make the rounds. Credit Suisse shares fell and fell and fell until around noon when they lost 31 percent of their value.
The situation reminded him of a key scene in the film “The Big Short” about the 2008 financial crisis, reports the investor. In it, a bank manager sits on a panel discussion and glosses over the situation in the industry when unrest suddenly breaks out in the audience and the listeners follow the crash in Lehman Brothers shares on their Blackberries. That was in 2008 and it was followed by the biggest financial crisis since the late 1920s.
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