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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (88132)	1/9/2001 11:31:52 AM
From: Dennis O'Bell	Read Replies (1) of 132070

But I would have thought the general fall of naz last year would already have more than sufficed to take out a major heavily margined player. I really feared this would finally happen as last year wore on. If I recall correctly, LTCG suffered very small "real" losses, in any case much less than the general haircut tech stocks have taken. Institutional use of derivatives strikes me as one giant gentlemen's agreement when in reality it's a form of legalized gambling casino. Does anyone know what the odds really are compared to Vegas? However I don't think derivatives are as bad as the under the table agreements among banks that take place globally. Because there are almost no rules in that case and bonne chance to anybody who wants to sort out anything that goes on. Countries like Switzerland or Luxembourg with "conservative" banking practices make a substantial amount holding laundered money. The US is really a model of transparency compared to most of the world. In fact we're pretty naive in many respects.

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