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To: JF Quinnelly who wrote (156)4/1/2001 8:49:37 PM
From: Mike M2  Read Replies (1) | Respond to of 443
 
JF, during the 20s the banks lost much their loan business to corporation to the securities markets so banks increasingly turned to loans for securities purchases and invested in corporate bonds for their own account. The collapse of lower grade bonds market values hammered the banks. mike