Biggest financial collapses

Your stocks tanked last winter and are still trying to recover. Your 401k is a shell of its former self. Those exotic retirement plans you were making may have to be put off for a decade or so.

Plenty of folks took a hit in the wallet in 2008, and some of the corporate world’s larger meltdowns were nothing short of spectacular.

As the year winds to a close, Time took stock of the biggest financial collapses of the year.

Here’s their list:

1. Lehman Brothers

2. AIG

3. The Detroit Three

4. Citigroup

5. Freddie Mac and Fannie Mae

6. “Safe” Securities

7. Rating Agencies’ Credibility

8. Hedge Funds

9. Greenspan’s Reputation

10. Iceland

To read a bit about these, and to see a slideshow, check out Time.

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