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![tyillc Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::255781485.png) Richard Field [@tyillc](/creator/twitter/tyillc) on x 11K followers
Created: 2025-07-22 16:15:42 UTC

btw, I did answer what was different between Bear and LEH.

What Bear showed is there were significant losses on the subprime securities no one could value (see BNP Paribas in August 2007 saying could not be valued).

What LEH showed is Wall Street firms had significant exposure to opaque securities and due to the opacity of the Wall Street firms no one knew if their exposure rendered them insolvent or not.


XX engagements

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**Related Topics**
[wall street](/topic/wall-street)
[bnp paribas](/topic/bnp-paribas)
[losses](/topic/losses)

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