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To: NickSE who wrote (65864)	10/2/1999 9:51:00 AM
From: NickSE	Read Replies (4) of 86076

UFB... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ LTCM May Be Out Of Business, Fed Says dailynews.yahoo.com CHICAGO (Reuters) - LTCM, the huge U.S. investment fund that almost single-handedly threatened to bring down the world financial system last year, is about to fold, the U.S. central banker who oversaw its hurried rescue said Friday. The near collapse of Long Term Capital Management LP, which specialized in highly risky investment bets, last year prompted its main creditor banks to come up with a $3.5 billion dollar salvage package. The deal was arranged by New York Federal Reserve President William McDonough amid fears that the firm's demise could devastate the entire global finance system. ''I'm happy to tell you that LTCM is very close to being out of business,'' McDonough told a top-level economic conference at the Chicago Federal Reserve Bank. ''I can assure you that is a result that pleases me considerably.'' [...]

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