Christmas Eve found high-yield participants mulling defections by traders Alan Schlesinger of Donaldson, Lufkin & Jenrette Securities Corp. and David Tepper of Goldman, Sachs & Co.

Schlesinger, manager of high-yield trading at Donaldson, apparently left last Monday, and fellow traders were advised of his departure on Tuesday, sources outside the firm said. He was said to be vacationing and could not be reached for comment.

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