Former Citi Auction-Rate Banker Heeds Lessons of Market Collapse

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  • Variable-rate trading system start-up seeks more competition
  • Yields soaring 3,900% shows need, Robert Novembre says

At the advent of the financial crisis nearly a decade ago, former Citigroup Inc. banker Robert Novembre, who managed the firm’s desks handling auction-rate securities, saw firsthand the disruption caused when banks withdrew support.

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