Tell me more about: "Bear Stearns first cracks" from 2007.

Indeed, sir, the "Bear Stearns first cracks" of 2007 marked a pivotal moment in the lead-up to the global financial crisis. It began when two prominent hedge funds, Long-Term Capital Management (LTCM) and Amaranth, faced severe losses due to the collapse of the subprime mortgage market. This caused a ripple effect through the banking sector, with Bear Stearns, one of the largest investment banks in America, being particularly hard hit. As confidence waned and liquidity dried up, Bear Stearns found itself in desperate need of capital, a situation that would eventually lead to its near collapse later that year.