Like Bear Stearns and Lehman Brothers before they failed, MF Global had huge short-term, repo-based debt. Bear failed in 2008 as its mounting real-estate losses prevented it from quickly rolling over its repo debt, which made up fully one-quarter of its balance sheet.
今年10月破产的全球金融公司曼氏金融（MF Global）是回购协议贷款可能出现大问题的最新案例。正如贝尔斯登和雷曼兄弟在倒闭前情况一样，曼氏金融有着巨额基于回购协议的短期债务。2008年，贝尔斯登因房地产损失剧增使其无法对回购协议债务（相当于其资产负债表规模的整整四分之一）展期而倒闭。一年后，雷曼也因为占其资产负债表三分之一的回购协议而倒闭。而曼氏金融的回购协议债务占资产负债表规模的比重达到了惊人的一半。