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Wall Street Crisis Slows Native Enterprise

Indian Country Today, Posted: Oct 19, 2008

NEW YORK The mounting economic slide has intensified problems for Native Americans who already struggle with credit problems and lack of opportunity, reports Indian Country Today. Even before it was bought by Morgan Chase,J.P. Morgan closed its Native-focused bond and investment banking team. And as investment firms lay off personnel and reassign tasks, Rob Capriccioso writes, the moves will further block the banks ability to serve Native Americans, because it takes special training to deal with the sovereignty issues unique to doing business on reservations. Merrill Lynch and Bank of America, which may soon merge, are still capable of and committed to serving Native Americans.


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