With the disappearance of the SIVs' funding sources, notably asset-backed commercial paper, banks had to bring over $136 billion-worth onto their books.
Notably, fixed asset investment expanded 19.6% last year, which is about the slowest pace in a decade.
UBS, on the other hand had a stronger retail and commercial banking business in Switzerland and both banks had notably strong asset management capabilities.
It was amplified by newfangled, flighty financial techniques, notably buying assets with borrowed money and watching leverage work its arithmetical magic.
Most notably, the assets include the social-security funds that have piled up over many years of public-pension-fund surpluses.
Anglo emphasised that divestments of a number assets (notably the Rustenburg, Union and Pandora platinum group metal assets) would be made in order to "redeploy the capital" to "support [Anglo's] drive for higher returns".
The British telecoms company will sell assets (notably a 26% stake in France's Cegetel) and sack staff.
"Risky assets, notably stocks, oil and the British pound have surged whilst haven positions in gold and the Japanese yen have been liquidated".
With incomes plunging and the value of their assets – notably, housing – in a free-fall, they couldn't de-leverage fast enough.
Since Japan's government controls vast assets, notably the Japan Post bank, its net debt, at 86% of GDP, is far lower than its gross debt.
