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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (66233)	8/14/1999 10:15:00 PM
From: marcher	Read Replies (1) of 132070

Michael, care to comment on the following (taken from a post by dmp): >>SPECIAL REPORT ON STOCKS (basis S&P Futures, Sept contract) by Martin Armstrong, chairman of Princeton Economics, August 13th, 1999 ...In Japan the FSA investigation of CSFP has exposed just the tip of the iceberg of perhaps the worst derivatives loss program in the history of modern financial markets. We now see hidden derivative losses in Japan may far exceed $10 billion. Some banks were using derivatives to meet BIS requirements and to disguise bad loans. An insolvent postal savings fund and the major booking of derivative premiums as current year profits instead of mark-to-market, have left this economy in an extremely vulnerable position. Despite foreign optimism about a possible Japan recovery, concern and pessimism still dominates the domestic Japanese markets. Additional losses arising from the convergence trades in Europe have sparked rumors of billion dollar losses among hedge funds and investment banks. The problems with the convergence trades in Europe have sent the credit spreads into a tail-spin worse than October of last year...<< tia --Marc

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