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The complexity of structured finance made it difficult to know how losses would cascade down the ladder of investors in securitised assets.
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I don't know how many losses we got.
I know how the loss of a job can affect an artist.
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What makes Uma's memoir special is the beautiful timeless way she weaves all these "hats" -- you don't need to experience the death of a loved one (god forbid) or teaching English as a second language (ESL) to know how a loss comes disguised with its own imperfection and gifts.
Although executives may desperately want to sue one another over recent losses, they may not know how big those losses are or want to know how big they are.
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The fear on Wall Street, analysts say, is driven by uncertainty: investors do not know how widespread the losses could ultimately be.
And the opaqueness of derivatives meant that it was very hard for anyone -- including the very smart people who run the Federal Reserve -- to know how Citigroup's losses could spread throughout the system.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com