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To: Cynic 2005 who wrote (85617)	2/20/2001 1:01:32 PM
From: pater tenebrarum	of 86076

no specific news account for that. i believe however that they have lots of skeletons in the closet, similar to most other financial services firms. lots of telco bridge loans for instance that they can't get off their books now that sentiment toward the sector has soured.the entire WS credit bubble machinery is on the endangered species list as far as i'm concerned...the brokers have expanded their balance sheets by over 30% on average last year, on top of the huge expansion during the preceding 10 years...the financial economy relates less and less to the real economy. there's a huge gap that needs to be closed, and with the real economy not co-operating anymore the adjustments will be deep, long lasting and painful...

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