A crisis of identity

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Recent news stories have described two disputes surrounding credit derivatives written on Armstrong World Industries, a company that declared bankruptcy in December 2000 over rising asbestos-related claims (see, for example, The Economist, May 23, 2002). Writers of the protection argued that the contracts actually related to Armstrong Holdings, which had not filed for bankruptcy, and of which Armstrong World Industries is the biggest subsidiary. Fearing that outdated or confusing names may

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