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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (148894)2/5/2002 5:19:43 PM
From: oldirtybastard  Read Replies (2) of 436258
 
heinz, did you see this article?...wonder why he needed to say something like that

biz.yahoo.com


Thursday January 31, 6:18 pm Eastern Time
O'Neill says has no sympathy for dollar complaints
(UPDATE: Adds details, market reaction)

By Anna Willard

WASHINGTON, Jan 31 (Reuters) - U.S. Treasury Secretary Paul O'Neill said on Thursday he has no sympathy for U.S. manufacturers who complain about the strength of the dollar.
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The former chief of Alcoa Inc. (NYSE:AA - news), the world's largest aluminum producer, said top companies are successful regardless of exchange rates.

Asked in a Reuters interview whether he had any sympathy at all for manufacturers, he said: ``No. The good ones don't live and die on exchange rates.''

The dollar shot to a three-year high above 135 Japanese yen on the comments.

``Certainly, Mr. O'Neill's comments were a leg spur in the side of dollar/yen,'' said John Hazleton, a trader at PNC Bank in Pittsburgh.

``It's a very pointed comment that companies should not be looking to the Treasury or the Federal Reserve (to weaken the dollar),'' he said.

...The really great-performing organizations figure out a way to do well no matter what the circumstances are,'' O'Neill said. ``They don't go around looking for some government to give them relief with foreign exchange rate conversation or grants from the people or anything else.''

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