A Bitcoin Bastion In The Wild West
Thursday, April 02, 2020
Eight years ago, Caitlin Long was a card-carrying member of the financial establishment. As head of Morgan Stanley’s pension advisory group, she oversaw the retirement funds for dozens of employers. The dust from the impact of the Great Recession, which wiped out billions of dollars in market value from her clients, was just beginning to settle.
The Harvard Law grad, who cut her teeth doing mergers and acquisition work at Salomon Brothers, tried to understand what went wrong and if anything could be done to prevent another collapse. The problem was, no one really knew what happened. Loans had been made to lenders who loaned to lenders ad nauseum, until the providers of capital, like her own clients, had been lost between the cracks of countless ledgers.
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