How to heal a paper cut

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It's been a torrid time for structured investment vehicles (SIVs), SIV-lites and asset-backed commercial paper (ABCP) conduits. Concerned about potential exposures to US subprime mortgage securities within these vehicles, skittish investors all but disappeared from the short-term money markets in August. This left SIVs and conduits, which finance their purchase of highly-rated debt (including asset-backed securities and collateralised debt obligations) through the issuance of short-term

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