Posted by admin | February - 20 - 2012 | Comments Off on Martini

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While commercial banks like JP Morgan had large, stable deposit bases, they still funded part of their business the same way the broker-dealers did: by regularly rolling over short-term commercial paper contracts that had become subject to the same erosion of confidence that had brought down Bear Stearns I knew that unless I explicitly said this, some of them might think that Good Old Hank would come to the rescue.

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