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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Henry Volquardsen who wrote (2225)11/11/1999 4:58:00 PM
From: Hawkmoon  Read Replies (1) of 3536
 
Henry,

I mispoke... What I meant to say was large money center banks who are part of the Federal Reserve system.

The credit lines have been in place for over a year now, and I believe was actively supported by AG and the other Fed governors who were worried about the disruption that massive redemptions could cause on mutual fund liquidity.

The size of that kind of credit line would have to be "blessed" by the Federal Reserve (who are ultimately responsible to providing liquidity to the money center banks). Kinda like AG getting the bankers together to bail out LTCM. It may have not been the Fed who was directly involved, but they provided the "impetus" to make things happen.

That is why I typed "the Fed" when it would have been more accurate to specify a particular bank.

Regards,

Ron
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