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Panmure Call It As An Insolvency Crisis

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From http://ftalphaville.ft.com/marketslive/?inprogress=1

Note from someone called Sandy Chen at Panmure Gordon

Calling it an insolvency crisis.

The 25bp Fed weekend rate cut - the first weekend cut in three decades - and more

importantly the widening of the Fed discount window to accept primary dealers, are

indicators of the severity of this current crisis - we interpret this as a clear indicator that

other firms may be vulnerable. More rate cuts are expected as early as today, but they

won’t help, in our opinion - this is not a liquidity crisis anymore, it’s an insolvency crisis

(which is a frankly unwelcome confirmation of our views from way back in the pre-history

of Summer 07).

I think it is maybe premature to dismiss the liquidity crisis, because I imagine there will be something of a liquidity crisis in the bowels of some traders just after Wall Street opens.

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