Consultant: Rescue for commercial paper market doomed

12/18/2008 | Financial Week

Consulting firm Tower Group said in a report that the U.S. government's program to unfreeze the commercial paper market has no hope of succeeding because it is so small compared with the amount of commercial paper that is effectively frozen. The money earmarked by the Federal Reserve to buy asset-backed commercial paper is about one-third of the amount of ABCP still outstanding, according to Tower's report.

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