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In your copious free time

...admittedly it's probably a fairly busy day for most people. But that's all the more reason to be reading Risk! The September issue's just gone up on the website - take a look at Merrill's latest attempt to save itself from its CDO investments, the Risk interdealer rankings and plenty more.

Once you've done that, there are a couple of decent papers from the Fed: this historically erudite look at the Northern Rock failure and this highly readable analysis of the credit crisis.

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