The credit crunch may well have been hyped. The global economy looks to be in decent shape and the m...
The credit crunch may well have been hyped. The global economy looks to be in decent shape and the markets have already recovered some of their nerve. That doesn't mean there won't be pockets of real pain. Right now, the London economy is dangerously exposed. In the past five years, it has boomed because of its turbo-charged financial-services industry. The City, as the financial district is known, has drawn in talent from around the world. On some measures, it has overtaken New York as the number-one financial centre. The trouble is, its lead has been built on credit derivatives, hedge f...
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