Law360, New York ( June 26, 2015, 10:01 AM EDT) -- Bagehot, as in Walter Bagehot, was mentioned no less than seven times in the decision splitting the baby in the American International Group trial.[1] A 19th century British commentator, Bagehot was among the first to recognize that too little liquidity could wreak havoc on a financial system.[2] In a series of admonitions, known today as Bagehot's dictum, he admonished central banks to lend freely to any solvent institution with good collateral, but at a penalty rate to minimize the attendant moral hazard.[3]...
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