New York — The dramatic changes that have been occurring in recent months are the beginning of a permanent restructuring of financial institutions and insurance entities.

We are entering a long-term environment where capital liquidity, lending criteria, and regulation will be much tighter. Most immediately, we are seeing one crisis after the next hit banks and insurance companies on the front lines of mortgage lending and capital markets activities. The secondary wave will involve the international financial intermediaries that provide capital, as well as state and federal regulators.

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