Question: Define Value at Risk (VaR). Describe how it is used by financial risk managers and how it failed during the financial crises of 2008 (be

Define Value at Risk (VaR). Describe how it is used by financial risk managers and how it failed during the financial crises of 2008 (be sure to name the specific statistical property that caused VaR to fail). If you use any symbols, be sure to define them in words so that we all know what the symbol(s) represent(s) (for example: = rho = correlation coefficient).

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