What exactly triggered the hedge fund deleveraging that decimated markets last year? Was it a confluence of various events that converged at one point in time that caused all banks to panic and withdraw loans from various funds and corporations? Or could it possibly be one player or event that triggered a cascading effect on all other banks. Could it be possible that the develeraging could have been pre-planned by some entity like the Federal Reserve? Or is it simply something that was beyond anyone's control? Why is that the Federal Reserve did not intervene immediately to provide liquidity to all these hedge funds? It could have kept asset prices from plummeting as much as they did. I guess perhaps they were just focusing on the bad debt that the banks were holding?