Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: EL KABONG!!! who wrote (20232)	6/26/2002 2:37:21 AM
From: TobagoJack	Read Replies (1) of 74559

Hi KJC, <<... WorldCom, can you just imagine how all those hedge fund managers that bought the distressed debt of WorldCom (assuming that there's some out there somewhere) must feel at the moment? How about the loan officers at whatever banks have extended WorldCom a line of credit (or debtor in possession financing)?>> I will save you the trouble of imagination. I telephoned a money manager friend, Asia CIO of a global insurance company. He had discussed with me the merit of Worldcom paper only a few weeks ago, and then bought in. Jay: "Hi Tim, I learned a lesson during the Asian Financial Crisis" Tim: "Which is?" Jay: "At times it doesn't matter what you buy when you buy, you touch it and it goes down 20%" Tim: "What happened?" Jay: "Did you catch the news before leaving home?" Tim: "No, what happened?" Jay: "About Worldcom" Tim: "sht, they declared?!" Jay: "No. They announced fraud" Tim: "Oh, good" Jay: "What do you mean?!" Tim: "They declare bankruptcy, I phked up. They committed fraud, I cannot help it" Jay: "You money bag types really scare me:0)" Chugs, Jay

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