A Bad Case of the Jitters

Manufacturers Hanover is the latest target of rumors in the financial world

The rumors last Thursday first erupted in Europe. Manufacturers Hanover, the fourth-largest U.S. bank, was reported to be scrambling frantically to raise cash abroad because it was no longer able to get money in the U.S. Other American banks, or so the stories had it, also faced new dangers. Then, with little more provocation than that, something akin to a panic began to spread. It swept like a spring twister through markets that were already tense and jittery about the health of...

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