The money-market fund industry nearly collapsed, as many money-market funds had Lehman Brothers commercial paper.
It invests your money in many different forms of credit-bonds, commercial paper, mortgages and many other kinds of loans.
As explained in Section 1, commercial paper is an essential part of the process of exchanging goods through credit.
The reference was to commercial paper and not to bank-notes.
"commercial paper" in the old and strict sense is little used in this country.
The one universally employed is the discount of commercial paper.
Indorse—To guarantee the payment of commercial paper by writing one's name on the back.
But not all of this "other loans and discounts" is commercial paper.
The companies received payment partly in cash, but chiefly in notes which were speedily sold in the market for commercial paper.
Part of it is virtually as liquid as commercial paper; two-thirds of it is not liquid.