1) What forces contributed to the collapse of the two hedge funds?

2) What explains the rapidity of the decline in the hedge funds' performance? Were the reasons unique to Bear Stearns or more widespread?

3) What steps could have been taken to address the problems created by the collapse of the two hedge funds?

4) What forces created the "systemic risk" in the financial system? How large was this risk?

5) What are the implications of the failure of independent investment banks, such as Bear Stearns, for the future business model of banking?