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Primary Financial’s strategy to cut SimpliCD rates 20 basis points across the board only lasted one week, and didn’t contribute to the CUSO’s record 2008 revenue, said President/CEO Mark Solomon.

The September 2008 rate cut was meant to drive deposits back to corporates, which needed deposits at the time due to seasonal liquidity outflows, the failure of Lehman Bros., and other market pressures. The strategy worked, resulting in an outflow of funds from Primary Financial, which Solomon said actually decreased income.

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