Why was the Baring crisis of 1890 a global warning?

Baring Brothers became heavily exposed to Argentine securities and faced a crisis of confidence in 1890. It is startling how Argentine investments could shake confidence in London.

The support operation revealed just how interconnected the financial center was. London financiers and the Bank of England coordinated support to reduce the risk of broader disruption.

An international investment boom made distant political and fiscal risks relevant to the stability of a major financial center. Distant risk had become very local for major lenders.

The rescue of a firm does not imply that its investments were sound or that losses disappeared. Rescuing a firm from panic doesn't make its decisions wise.

Who was this intervention really designed to protect?