The Redistribution Of Assets Continues

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For those financial institutions still in possession of sound balance sheets, the terms of which they have acquired some of their rivals could almost be considered a fire sale. At the front of this bewildering array of actors, filling the gap left by the still-smarting sovereign wealth funds, comes the Japanese. This week Nomura Holdings and MUFG picked up the overseas operations of Lehman Brothers and a major stake in Morgan Stanley, respectively. Meanwhile, late Thursday night a deal for beleaguered US bank Washington Mutual (WaMu) finally came together. The government shut the bank down, allowing JP Morgan Chase to