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What a Difference a Year Makes
Dear Client:
What a difference a year makes. In mid-September of last year, Lehman Brothers filed for bankruptcy and precipitated the peak of the financial crisis. The effects were felt quickly. Within a few days of Lehman’s bankruptcy, a money market fund broke the buck and money markets stopped buying the commercial paper of financial institutions. In the following weeks, even the largest and most creditworthy of U.S. corporations were either unable to borrow or were forced to pay handsomely to do so. In the aftermath, the whole financial system seized up. This tipped the sluggish economy into recession and the markets into a tailspin.
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