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It was a collapse of epic proportions. The financial crisis in 2008 created an atmosphere of panic and fear not only on Wall Street but throughout the world as the bursting of a global housing bubble left financial institutions without liquidity. The Lehman Bros. bankruptcy heralded unprecedented failures for American and European banks despite governmental bailout efforts. Markets worldwide plummeted in the worst financial catastrophe since the Great Depression.
James Reynolds, Jr., CEO of Chicago-based Loop Capital Markets L.L.C. (No. 1 in taxable securities with $2.248 billion in lead issues and No. 2 in tax-exempt securities with $4.961 billion in lead issues on the BE investment banks list) saw an opportunity.