He had borrowed so much money from Marine National Bank that it would fail along with Grant and Ward, possibly setting off a major panic on the Street.
"There's no reason for the kind of reaction we're getting, " Dodd added, referring to what he described as "panic" on Wall Street.
Recall October 1998 when world markets were collapsing, Russia was going down the drain and Wall Street was in panic.
They are positioned to panic from the latest Wall Street news.
The other manager, Noah Freeman, recorded Mr. Longueuil describing how he destroyed external computer drives in a panic after reading a Wall Street Journal article detailing the government's investigation, according to a criminal complaint against Mr. Longueuil.
Mutual funds have seen a muted reaction by investors in the wake of the weekend's tumultuous events on Wall Street, as investors eschewed panic Monday and instead appeared to take the turmoil in stride.
And what we've seen is, is that companies shed jobs very quickly, partly induced by the panic of what was happening on Wall Street, and they are still tentative about hiring back all those people who were laid off.
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But, judging by the level of panic at the World Bank's H Street headquarters, it is less than perfect in practice.
Where Wall Street's reaction to corporate trouble is more panic than reason: Buy.
Seventy years ago, on Black Thursday, October the 24th 1929, the world shuddered as 13 million shares were sold on Wall Street, after confidence in the stock market burst and panic took over.
But when Main Street is watching their mutual fund values evaporate yet again, they panic and sell.
Only the resilience of Wall Street and the stoicism of local punters like Maria Tsang seem to have calmed the panic -- for now.
But his promise to be tough on crime has chimed with a panic over a rash of murders, including a shoot-out on Toronto's main shopping street after Christmas that killed a 15-year-old girl.
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