“The U.S. financial sector’s losses on large loans exploded over the past year, exceeding the combined losses since 2001, with hedge funds and other members of the “shadow banking system” hit the hardest. Regulators’ annual review of US$2,900 billion of “shared national credits” (SNC) – loans larger than US$20 million shared by three or more federally regulated institutions – reveals that more than one in three dollars lent by non-bank institutions such as hedge funds, securitization vehicles and pension funds, went sour in 2008.” (Financial Times on September 25, 2009)
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