By noon on September 11, 2001, JP Morgan Chase’s top 15 liquidity managers around the globe were battling to keep the money flowing. Five major Federal funds brokers, who usually pass some $100 billion between commercial banks every day, had been damaged by the attacks on the World Trade Center. The Morgan team had to scramble to find its counterparts at other banks so it could make crucial trades directly. There was no leeway – Morgan and its competitors had to have positive balances at
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