BOSTON-The worldwide, far-reaching ramifications of questionable subprime mortgages in the United States should have been foreseen and could have been prevented, separately managed account and mutual fund executives concurred at the Money Management Institute's annual conference here earlier this month.

As a result of the lack of foresight on Wall Street about potential derivatives, futures and other synthetic products' risk, the underpinnings of global investor confidence have now been shaken and will take years, potentially decades some doomsayer economists warn, to repair. When someone loses their house or their home, it gets their attention, and people understand it has something to do, at least, with bad mortgages.

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