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Douglas Landy, a partner at Allen & Overy, writes: One of the most urgent problems of the ongoing financial crisis has remained largely unaddressed in the solutions proposed to date: the issue of financial institution liquidity. This is at the root of many of the recent failures or near failures of U.S. financial institutions: Bear Stearns, Lehman Brothers, Washington Mutual, IndyMac and other banks were brought down by the sudden, unexpected absence of liquidity.
March 30, 2009 at 12:00 AM
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