Dollars and Jens
Thursday, October 02, 2008
End of the world XIV
AT&T, the American telecoms giant, has admitted it was forced to rely on ultra-short-term financing for its regular treasury operations as a result of the broader global crisis in the money markets.

Randall Stephenson, chairman and chief executive, said his company had last week been unable to sell any commercial paper for terms longer than overnight.

“It’s loosened up a bit, but it’s day-to-day right now. I mean literally it’s day-to-day in terms of what our access to the capital markets looks like,’’ he said.


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