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What about the case of Enron?
Peoples retirement accounts lost everything. Were people seeling all the way down where there was an actual transfer of funds? I don't think so.
Sure, the executives took hundreds of millions....but billions in percieved value (stock value) disappeared. Cooked books and perception drove the price beyond its actually accounting standards value.
Their money actually did evaporate. Didn't it?
The above are questions, not statements of fact.
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