Earlier this year, the vast market for commercial paper suddenly dried up, but this was not an insurmountable problem for highly rated companies, which could draw down lines of credit, previously arranged with banks, or tap the market for long-term corporate bonds.

ECONOMIST: Signs of a crunch in America's markets for credit

Stanback was previously employed by New Kenwood, a real estate development company co-owned by convicted felon Tony Rezko (who arranged a great deal for the president on a Chicago home purchase).

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