On Aug. 9, 2007, BNP Paribas froze three of its investment funds—barring investors from withdrawing billions of euros—because of a lack of liquidity in the US markets. At that time, the French bank was the third-largest in the world by assets. For a bank that size to admit that it simply had no idea what…

via Ten years on from the start of the financial crisis, how the mighty have fallen — Quartz

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