SINGAPORE (Apr 30): Legendary billionaire investor and Berkshire Hathaway CEO Warren Buffett once said: “Only when the tide goes out do you discover who’s been swimming naked.” The recession that followed the dotcom crash in 2000 and the 9/11 terrorist attack in 2001 saw the unravelling of high-flying energy firm Enron, telco WorldCom as well as conglomerate Tyco. As the 2008 recession unfolded in the aftermath of the subprime mortgage crisis, former Nasdaq chairman Bernie Madoff admitted to running a Ponzi scheme by cooking the books of his hedge fund, which delivered consistently high returns in good times and bad. The current coronavirus-induced recession has so far not produced a single high-profile bankruptcy, though one Chinese firm, Luckin Coffee, is now on the brink. 

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