18 Such tasks of shadow banking institutions had been the foundation of uncertainty for dealer banking institutions in 2008, such as for example Bear Sterns, Merrill Lynch, and Lehman Brothers, leading to the outbreak for the crisis (Claessens et al., 2012, pp. 16–17). Hedge funds that pledged security to Lehman Brothers are not in a position to recover it whenever Lehman went bankrupt given that it had re-used it as the very own collateral (Fender and Gyntelberg, 2008, p. 7). 19