Wall street firms like merrill Lynch, Citigroup and Bear Stearns spend tens of millions of dollars a year managingrnrisk. They field departments full of smart analysts to assess market, credit, liquidity and operational risk. The process is marked by a formal governance structure and risk-tolerance limits.rnThat's what the banks tell investors, anyway.rnWhen it came to their exposure to the subprime mortgage market none of this seemed to matter.
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