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There are treasurers who win kudos when the economy is strong and the markets are surging. Well, that’s not so hard. There are treasurers who manage to excel when simply tough times would be a relief. Then, there are treasurers like Edward M. Dwyer. As treasurer of AT&T Corp. since 1997, Dwyer has seen it all with the telecommunica- tions giant. When he first took charge of the company’s treasury, AT&T was a darling of Wall Street, with a strong credit rating and a fabled CEO on an acquisi- tions spree. C. Michael Armstrong was gobbling up a string of mammoth cable TV properties that were to re- define AT&T as a broadband supplier of everything from local phone service to Internet. When that strate- gy failed and the binge left the long-distance carrier strapped with debt and teetering, Dwyer was charged with keeping AT&T solvent as it sold off non-core as- sets and returned to offering long distance service. Dwyer entered a new world of credit down- grades and a jittery–and sometimes outright hostile–Wall Street.

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