When the subprime market became shaky in February, Gyan Sinha, a Bear Stearns analyst, held a conference call of 900 investors, telling them they had little need to worry. However, that was not the case, according to The Wall Street Journal Asia.

Last week, amid warnings from Standard & Poor’s and Moody’s that hundreds of bonds backed by mortgage loans could be downgraded soon, the index that tracks securities made up of subprime loans, hit the worst level to date.

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