Special Report: The Crash, One Year Later

A Financial House of Cards

A year after Black Monday, the worst day in Wall Street history, an unsettling question lingers: Could it happen again? Yes, answers a senior partner in the Lazard Freres investment banking firm and one of the most respected members of the financial community. The securities markets and the tax system must undergo fundamental reforms, he maintains. Otherwise, inadequate regulation, excessive speculation and overuse of credit could bring on a banking crisis and a stock collapse more damaging than the Crash of '87.

I remember being stunned by the 508-point drop in the Dow Jones industrial average last Oct. 19, but it...

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