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Frontlines

NRG's bankruptcy is challenging creditors' resolve to back merchants until power prices rebound.
Fortnightly Magazine - June 15 2003

said one.

But for the first time in history, the decision may not be up to the regulators, politicians, or even the utilities. Instead, bank examiners may decide the survival of the merchant sector this summer. Perhaps that is as it should be, given how blindly the banks loaned out billions to the merchants.

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